Global Payments — Third Quarter 2026 Earnings Summary

Financial Performance:

• GAAP revenue for the third quarter ended September 30, 2026, was $3.31 billion, compared to $2.02 billion in the prior year period, a 63.7% increase.
• Adjusted net revenue for the quarter was $3.18 billion, an increase of approximately 31% year-over-year.
• On a normalized basis, adjusted net revenue accelerated sequentially to more than 4%.
• GAAP diluted earnings per share (EPS) were $1.06, compared to $2.64 in the prior year period, a 59.8% decrease.
• Adjusted diluted EPS were $3.58, an increase of 10% year-over-year.
• Adjusted operating margin expanded 220 basis points on a normalized basis to 42.5%.
• GAAP operating income was $246.2 million, compared to $774.0 million in the prior year period, a 68.2% decrease.
• Adjusted operating income was $1.35 billion, an increase of 23.8% year-over-year.
• GAAP net income attributable to Global Payments was $280.9 million, compared to $635.2 million in the prior year period, a 55.8% decrease.
• Adjusted net income attributable to Global Payments was $948.9 million, an increase of 21.2% year-over-year.
• For the nine months ended September 30, 2026, GAAP revenue was $9.60 billion, a 65.2% increase from $5.81 billion in the prior year period.
• For the nine months ended September 30, 2026, adjusted net revenue was $9.20 billion, a 31.5% increase from $6.99 billion in the prior year period.
• For the nine months ended September 30, 2026, GAAP diluted EPS were $(5.59), compared to $4.85 in the prior year period.
• For the nine months ended September 30, 2026, adjusted diluted EPS were $10.00, an increase of 10.6% year-over-year.
• Cash and cash equivalents were $5.57 billion as of September 30, 2026, compared to $8.34 billion as of December 31, 2025.
• Total assets were $62.42 billion as of September 30, 2026, compared to $53.34 billion as of December 31, 2025.
• Long-term debt was $21.08 billion as of September 30, 2026, compared to $19.54 billion as of December 31, 2025.
• Net cash provided by operating activities for the nine months ended September 30, 2026, was $212.9 million, compared to $2.14 billion in the prior year period.
• Net cash used in financing activities for the nine months ended September 30, 2026, was $9.37 billion, compared to $2.13 billion in the prior year period.

Guidance and Future Outlook:

• Global Payments reaffirmed its full-year 2026 outlook.
• The company expects normalized, constant currency adjusted net revenue growth of approximately 4% to 5% for the full year 2026.
• The company expects adjusted earnings per share of $13.60 to $13.80 for the full year 2026.
• The company expects normalized adjusted operating margin expansion of approximately 150 basis points for the full year 2026.
• The company expects to return more than $2 billion of capital to shareholders in 2026.
• The company raised its expectations for annual run-rate Worldpay integration expense synergies to $650 million.

Business Segments and Product Lines:

• Enterprise Segment: GAAP revenue was $836.3 million for the quarter, compared to $156.2 million in the prior year period. Adjusted operating income was $658.1 million for the quarter, compared to $117.3 million in the prior year period.
• Platforms Segment: GAAP revenue was $633.6 million for the quarter, compared to $284.7 million in the prior year period. Adjusted operating income was $278.7 million for the quarter, compared to $121.9 million in the prior year period.
• SMB Segment: GAAP revenue was $1.66 billion for the quarter, compared to $1.37 billion in the prior year period. Adjusted operating income was $928.0 million for the quarter, compared to $828.1 million in the prior year period.
• Issuer Solutions: The segment was divested; GAAP revenue and adjusted operating income were $0 for the quarter ended September 30, 2026, compared to $550.8 million and $263.6 million respectively in the prior year period.
• Other Revenues: GAAP revenue was $172.5 million for the quarter, compared to $207.7 million in the prior year period.

Market and Competitive Landscape:

• The company operates in the payment technology and software sector, managing trillions in payments volume and billions of transactions across more than 175 countries.
• Management stated the company is positioning itself as the worldwide partner of choice for commerce solutions.
• The company noted increased competition in the markets in which it operates as a potential risk factor.

Risks and Challenges:

• Risks include difficulties and delays in integrating the Worldpay business, failing to fully realize anticipated cost savings, and business disruptions from the acquisition.
• Risks include the inability to retain and hire key personnel, uncertainty regarding the long-term value of common stock, and dilution from shares issued in connection with the Worldpay acquisition.
• Risks include compliance with Visa, Mastercard, or other payment network requirements, and the ability to maintain registration and financial institution sponsorship.
• Risks include macroeconomic pressures, foreign currency exchange, inflation, rising interest rates, and the effects of global economic, political, market, health, and social events.
• Risks include the effect of a security breach or operational failure, and risks associated with indebtedness.
• Risks include new or changes in current laws, regulations, credit card association rules, or other industry standards.

Management Commentary and Tone:

• CEO Cameron Bready stated results were consistent with expectations, reflecting disciplined execution and substantial progress in integrating Worldpay.
• Bready expressed confidence in increasing the run-rate expense synergy target to $650 million, citing a firmly established foundation for the combined company.
• CFO Josh Whipple highlighted the durability of the business model, the ability to generate sustainable growth, margin expansion, and strong free cash flow.
• Whipple emphasized a focus on driving commercial excellence, realizing benefits of increased scale, and rigorous integration execution.
• Bready noted the company returned more than $1.4 billion in capital to shareholders year-to-date.

Other Key Points:

• The Board of Directors approved a dividend of $0.25 per share payable on December 24, 2026, to shareholders of record as of December 10, 2026.
• The company returned more than $1.4 billion in capital to shareholders year-to-date.
• The company divested its Issuer Solutions business, which is reflected in the discontinued operations and segment reporting.
• The company acquired Worldpay, with integration expenses and synergies being a key focus of the financial outlook.
• The company reported a gain on business dispositions of $343.9 million in the prior year quarter, which was excluded from non-GAAP measures.
• The company reported a gain on business dispositions of $22.2 million in the nine-month period ended September 30, 2026, which was excluded from non-GAAP measures.
• The company reported a goodwill impairment charge of $33.2 million in the nine-month period ended September 30, 2025, related to the classification of Issuer Solutions as assets held for sale.