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Global Payments Inc. (GPN) is a leading payments technology company that specializes in providing innovative solutions for both merchants and issuers. The company operates primarily through two segments: Merchant Solutions and Issuer Solutions, with a strong emphasis on integrated payments and software-driven services . Global Payments also has a significant presence in vertical market software businesses, serving industries such as education and healthcare, and is actively expanding its B2B payments business .
- Merchant Solutions - Focuses on integrated payments, B2B, and faster-growth markets, with software playing a central role. Includes point-of-sale (POS) and software businesses, integrated and embedded payments, and core payments channels.
- Integrated and Embedded Payments - Represents nearly half of the merchant revenue, providing seamless payment solutions within software applications.
- Issuer Solutions - Provides issuer processing technology and functionality, serving financial institutions with services such as credit card processing. Holds a strong market position in scheme-based credit cards in the U.S., Canada, U.K., and Ireland, and is expanding into Latin America and Asia Pacific .
- Vertical Market Software - Operates across seven markets, including education, property management, healthcare, and quick-service restaurants, generating significant revenue and growing annually .
- B2B Payments - Spans both Merchant and Issuer Solutions segments, forming a core part of the company's strategic focus .
| Revenue by Segment - in Millions of USD | FY 2013 International | Q1 2014 International | Q2 2014 | Q3 2014 International | Q4 2014 | FY 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | FY 2015 (2) | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | FY 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | FY 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | FY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Merchant Solutions | 1,819.9 | 7,151.8 | 1,834.1 | 1,971.0 | 1,997.7 | 1,885.9 | 7,688.7 | 1,808.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
| - Relationship-led | - | - | - | - | - | - | 3,925.3 | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| - Technology-enabled | - | - | - | - | - | - | 3,763.5 | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| - Point-of-Sale and Software Solutions | - | - | - | - | - | - | - | 348.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
| - Integrated and Embedded Solutions | - | - | - | - | - | - | - | 803.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
| - Core Payments Solutions | - | - | - | - | - | - | - | 657.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Issuer Solutions | 629.8 | 2,398.9 | 602.7 | 613.5 | 621.1 | 646.4 | 2,483.7 | 620.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Consumer Solutions | - | 182.7 | 0 | 0 | - | - | 0.0 | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Intersegment Eliminations | -15.68 | (78.984) | - | - | (17.2) | - | (66.5) | (17.3) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Direct | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| - Wholesale | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| North America | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Europe | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Asia-Pacific | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| TSYS | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| International Merchant Services | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total Revenue | 2,433.8 | 9,654.4 | 2,420.2 | 2,568.8 | 2,601.6 | 2,515.3 | 10,105.9 | 2,412.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue by Geography - in Millions of USD | FY 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | FY 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | FY 2015 | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | FY 2016 (3M) | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | FY 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | FY 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | FY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
| Americas | 1,958.35 | 7,862.6 | 1,975.1 | 2,072.583 | 2,071.92 | 1,995.15 | 8,114.755 | 1,948.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
| North America | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| - United States | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| - Canada | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Europe | 406.05 | 1,530.9 | 384.8 | 434.380 | 462.95 | 449.3 | 1,731.427 | 398.9 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Asia Pacific | 69.4 | 260.9 | 60.3 | 61.805 | 66.68 | 70.93 | 259.712 | 64.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Asia-Pacific | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| International | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| TSYS | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total Revenue | 2,433.79 | 9,654.4 | 2,420.2 | 2,568.768 | 2,601.55 | 2,515.38 | 10,105.894 | 2,412.1 |
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Cameron M. Bready ExecutiveBoard | President and Chief Executive Officer | Board Member at Crawford & Company; President of The Electronic Transaction Association; Chairman of the Board of Trustees at Oglethorpe University; Vice Chairman of the Board of Trustees at Pace Academy; Member of Metro Atlanta Chamber of Commerce; Member of Business Roundtable. | Joined GPN in 2014 as CFO, later became COO, and was appointed CEO on June 1, 2023. Recognized for driving growth and transformation at GPN. | View Report → |
Andréa Carter Executive | Senior Executive Vice President and Chief Human Resources Officer | Board Member at Churchill Downs Incorporated. | Joined GPN in 2017. Leads human resources strategy and operations. Previously held HR leadership roles at Habitat for Humanity. | |
David L. Green Executive | Senior Executive Vice President, Chief Administrative and Legal Officer, and Corporate Secretary | None. | Joined GPN in 2007. Oversees legal, administrative, and corporate governance matters. Has held progressively senior roles within GPN. | |
Joshua J. Whipple Executive | Senior Executive Vice President and CFO | None. | Joined GPN in March 2015 as Chief Strategy and Enterprise Risk Officer. Became CFO in July 2022. Oversees financial operations and strategic initiatives. | |
Robert Cortopassi Executive | President and Chief Operating Officer | None. | Joined GPN in 2012. Former President of International and Vertical Markets. Appointed COO in August 2024. | |
Shannon Johnston Executive | Senior Executive Vice President and CIO | Board Member and Chair of the Technology Committee at Deutsche Börse. | Joined GPN in 2016. Held various technology leadership roles before becoming CIO in January 2024. Recognized for contributions to technology and leadership. | |
Connie D. McDaniel Board | Lead Independent Director | Vice-Chair of the Board at Virtus Mutual Fund Family; Board Member at North Florida Land Trust. | Former Chief Audit Executive at Coca-Cola. Extensive experience in financial and accounting matters, mergers and acquisitions, and risk management. | |
F. Thaddeus Arroyo Board | Director | Chief Strategy and Development Officer at AT&T, Inc.; Board Member at National Center for Women & Information Technology; Trustee at Dallas Museum of Art. | Appointed to GPN Board in 2019. Brings expertise in corporate strategy, technology, and business development. | |
John G. Bruno Board | Director | Board Member at Valor Latitude Acquisition Corp.. | Appointed to GPN Board in 2014. Extensive expertise in technology, risk management, and executive leadership. | |
John T. Turner Board | Director | Chairman of the Board at W.C. Bradley Co.; Trustee at Bradley Turner Foundation. | Former TSYS board member. Expertise in business management, corporate strategy, and risk oversight. | |
Joia M. Johnson Board | Director | Board Member at Regions Financial Corporation, Sylvamo Corporation, Atlanta Symphony Orchestra, Atlanta History Center, Woodruff Arts Center, Bobby Jones Golf Foundation. | Former Chief Administrative Officer and General Counsel at Hanesbrands. Recognized for leadership in governance and diversity. | |
Joseph H. Osnoss Board | Director | Board Member at EverCommerce Inc., First Advantage Corporation (Chair), Global Blue Group Holding AG, and Zuora, Inc.. | Managing Partner at Silver Lake. Expertise in private equity investing and technology. | |
Kirsten Kliphouse Board | Director | Board Member at Laboratory Corp. of America Holdings (LabCorp) and Dun & Bradstreet Holdings, Inc.. | Appointed to GPN Board in October 2023. Former President of Google Cloud Americas. Expertise in technology, cybersecurity, and business development. | |
M. Troy Woods Board | Chairman of the Board | Board Member at YMCA of Metropolitan Columbus, GA; Member of Business Roundtable; Trustee at Mercer University. | Former Chairman, President, and CEO of TSYS. Extensive experience in payments and financial services. Appointed Chairman of GPN Board in 2019. | |
Robert H.B. Baldwin Jr. Board | Director | Board Member at Communities in Schools, Nassau Presbyterian Church Cemetery, The Watershed Institute, and OvationCXM, Inc.. | Former Vice Chairman, President, and CFO of Heartland Payment Systems. Extensive experience in financial and accounting matters. | |
Ruth Ann Marshall Board | Director | Board Member at Regions Financial Corporation and ConAgra Brands, Inc.. | Former President, Americas, Mastercard International. Extensive experience in payments and corporate governance. | |
William B. Plummer Board | Director | Board Member at Waste Management Inc. and Mason Industrial Technology; Chairman of Cisco Equipment; Director at Venture Metals, Inc.. | Former CFO of United Rentals. Expertise in financial reporting, risk management, and corporate strategy. |
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Given the unstable macroeconomic environment, how is Global Payments managing its exposure to discretionary versus nondiscretionary merchant volumes, and what proportion of your portfolio is exposed to credit versus debit transactions?
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In your pursuit of efficiencies and streamlining, can you provide specifics on any incremental actions being taken in the second half of the year, how they will contribute to margin improvement targets for this year, and the expected spillover effects into 2025?
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With the recent momentum in new partner signings in the ISV channel, how have revenue share agreements and economics evolved compared to historical trends, and are you experiencing increased competitive pressures affecting these arrangements?
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Merger and integration costs are at their lowest in five years this quarter; do you expect these costs to continue decreasing, and when do you anticipate eliminating add-backs entirely from your adjusted earnings?
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Given the improvement in free cash flow and your plans for debt reduction, do you intend to maintain the current level of share repurchases in the second half, and how are you balancing this against other potential uses of cash, such as M&A opportunities?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Fiserv, Inc. | Competes in the Merchant Solutions segment providing businesses with merchant acquiring and related services in the United States. |
Worldpay, LLC | Competes in the Merchant Solutions segment providing businesses with merchant acquiring and related services in the United States. |
Chase Paymentech Solutions, LLC | Competes in the Merchant Solutions segment providing businesses with merchant acquiring and related services in the United States. |
Elavon, Inc. | A subsidiary of U.S. Bancorp, competes in the Merchant Solutions segment providing businesses with merchant acquiring and related services in the United States. |
Competes in the Merchant Solutions segment providing businesses with merchant acquiring and related services in the United States. | |
Competes in the Merchant Solutions segment providing businesses with merchant acquiring and related services in the United States. | |
Competes in the Merchant Solutions segment providing businesses with merchant acquiring and related services in the United States. | |
Stripe, Inc. | Competes in the Merchant Solutions segment providing businesses with merchant acquiring and related services in the United States. |
Competes in the Merchant Solutions segment providing businesses with merchant acquiring and related services in the United States. | |
Competes in the Merchant Solutions segment providing businesses with merchant acquiring and related services in the United States. | |
Worldline | Competes internationally in the Merchant Solutions segment as a large provider of payment technology services to merchants. |
Nexi | Competes internationally in the Merchant Solutions segment as a large provider of payment technology services to merchants. |
Adyen | Competes internationally in the Merchant Solutions segment as a new entrant in the payment technology services market. |
Competes in the Issuer Solutions segment providing services to payment card issuers. | |
Competes in the Issuer Solutions segment providing services to payment card issuers. | |
i2c | Competes in the Issuer Solutions segment providing services to payment card issuers. |
Competes in the Issuer Solutions segment providing services to payment card issuers. | |
AvidExchange | Competes in the Issuer Solutions segment providing services to payment card issuers. |
Billtrust | Competes in the Issuer Solutions segment providing services to payment card issuers. |
Zeta | Competes in the Issuer Solutions segment providing services to payment card issuers. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Early-stage technology development company | 2024 | Global Payments acquired this company at the end of Q4 2024 to enhance its terminal-on-mobile offerings, aiming to bring key technology in-house to unify its point-of-sale value chain; no financial terms were disclosed. |
Takepayments | 2024 | Global Payments acquired Takepayments to diversify and expand its direct distribution and demand generation capabilities in the U.K., aiming to cross-sell commerce solutions to SMB merchants and contribute roughly one point of growth to Merchant revenue, despite the acquisition operating at about half the margin of its core business. |
EVO Payments, Inc. | 2023 | Completed on March 24, 2023, the acquisition of EVO Payments, Inc. for approximately $4.3 billion was funded through cash on hand and a revolving credit facility, and it strategically expanded Global Payments' geographic presence and strengthened its technology-enabled B2B payment solutions. |
Recent press releases and 8-K filings for GPN.
- New Revolving Credit Facility: Global Payments signed a credit agreement securing a $7.25 billion facility, with $5.75 billion available immediately and an additional $1.5 billion contingent upon the closing of its Worldpay Acquisition.
- Facility Terms and Replacement: The facility will mature in 5 years with up to two one-year extensions and replaces the previous 2022 Credit Agreement.
- Reduction of Bridge Loan Commitments: Concurrently, the company reduced its bridge loan commitments from $7.7 billion to $6.2 billion.
- Transaction Update: Management expressed strong confidence in the progress of the 3-way transaction, emphasizing that integrating Worldpay creates significant long-term value despite market timing challenges.
- Integration Approach: The company is unifying its operating model by combining disparate platforms, leveraging a consistent brand, and streamlining processes for both technology and go-to-market strategies.
- Genius Platform Launch: Global Payments is launching its Genius platform to consolidate and standardize point-of-sale functionality, improving feature richness and scalability to better serve both SMBs and enterprise clients.
- Cost Synergies & Capital Allocation: The team is targeting cost synergies of approximately $600 million by harmonizing operations and maintaining a disciplined capital allocation strategy, including ongoing share buybacks while working to deleverage to 3x.
- Q1 2025 Results: Achieved $2.2B adjusted net revenue with +11% adjusted EPS growth and +70bps operating margin expansion .
- Merchant Solutions Performance: Recorded $1.69B adjusted net revenue with 6% growth driven by strong POS, software, and integrated businesses .
- Strategic Transformation: Evolving into a pure play commerce solutions provider via the acquisition of Worldpay and divestiture of Issuer Solutions, targeting cost synergies of approximately $600M and cross-selling revenue synergies of $200M annually .
- Guidance & Outlook: Plans include accelerating revenue growth into mid-single digits for 2026-2027, with planned share buybacks exceeding $2B in 2026 and $3B in 2027, and reducing net leverage to 3x within 18-24 months .
- GAAP Results: Reported $2.41B GAAP revenue and GAAP EPS of $1.24, showing near flat revenue .
- Global Payments Inc. held its Annual Meeting on April 24, 2025, where shareholders approved the 2025 Incentive Plan and the Amended and Restated Employee Stock Purchase Plan.
- The filing details multiple proxy vote proposals, including the election of directors, advisory votes on executive compensation for 2024, the ratification of Deloitte & Touche LLP as the independent auditor for 2025, and the plan approvals.
- On April 17, 2025, Global Payments executed a Shareholders Agreement as part of its Transaction Agreements, confirming the direct issuance of common stock to GTCR and other investors.
- The agreement outlines lock-up provisions for GTCR, which is projected to hold approximately 15% of outstanding shares with scheduled releases of 35% at the 12‑month anniversary, 15% at 15 months, and the remainder at 18 months post‐closing.
- Global Payments entered definitive agreements to divest its Issuer Solutions business to FIS for $13.5B and to acquire Worldpay for a net $22.7B (or $24.25B including a $1.55B tax benefit) .
- The combined entity is projected to deliver pro forma adjusted net revenues of ~$12.5B and adjusted EBITDA of ~$6.5B, processing 94 billion transactions (~$3.7T in volume) and serving over 6 million merchants across 175 countries .
- Synergies include approximately $600M in annual expense savings, $200M in revenue enhancements, and EBITDA accretion starting in year 1, with a target to delever to 3x net leverage within 18–24 months .
- Acquisition specifics feature buying out GTCR’s remaining ≈15% stake at $97.00 per share and an expected closing in H1 2026 .
- Strategically, this move reinforces Global Payments’ focus on becoming a pure play commerce solutions provider, expanding its ecommerce, enterprise, and integrated capabilities .
- Guidance Update: Global Payments reaffirmed its 2025 guidance of 5%-6% constant currency adjusted net revenue growth, noting a modest deceleration in H1 with an expected acceleration in H2 driven by its transformation initiatives.
- Transformation and Product Launch: The company is executing over 600 initiatives, including the rebranding and phased launch of its Genius POS system for retail and restaurant segments in the U.S. and selected international markets.
- Capital Return Focus: Global Payments is committed to returning capital to shareholders, planning approximately $7.5 billion in capital returns over 3 years through share repurchases and dividends, while maintaining a target leverage ratio near 3x.
- International Expansion: The firm is also prioritizing expansion in international markets, leveraging strong positions in Europe and LatAm to support long-term growth.