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 .
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| 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?
Research analysts who have asked questions during GLOBAL PAYMENTS earnings calls.
Darrin Peller
Wolfe Research, LLC
5 questions for GPN
Jason Kupferberg
Bank of America
5 questions for GPN
Tien-tsin Huang
JPMorgan Chase & Co.
5 questions for GPN
Dan Dolev
Mizuho Financial Group
4 questions for GPN
Adam Frisch
Evercore ISI
3 questions for GPN
Andrew Schmidt
Citigroup Inc.
3 questions for GPN
Bryan Keane
Deutsche Bank
3 questions for GPN
David Koning
Robert W. Baird & Co.
3 questions for GPN
Daniel Perlin
RBC Capital Markets
2 questions for GPN
Dan Perlin
RBC Capital Markets
2 questions for GPN
Dave Koning
Baird
2 questions for GPN
James Faucette
Morgan Stanley
2 questions for GPN
Ken Suchoski
Autonomous Research
2 questions for GPN
Ramsey El-Assal
Barclays
2 questions for GPN
Bryan Bergin
TD Cowen
1 question for GPN
Darren Teller
Wolf Research
1 question for GPN
Harrison Vivas
TD Cowen
1 question for GPN
Timothy Chiodo
UBS Group AG
1 question for GPN
Trevor Williams
Jefferies LLC
1 question for GPN
Vasundhara Govil
Keefe, Bruyette & Woods (KBW)
1 question for GPN
William Nance
The Goldman Sachs Group, Inc.
1 question for GPN
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.
- On April 17, 2025, Global Payments agreed to acquire 100% of Worldpay Holdco, LLC and simultaneously divest its Issuer Solutions business to FIS, with both transactions expected to close in Q1 2026 subject to regulatory approvals.
- Consideration for the Worldpay acquisition includes approximately $6.1 billion in cash and 43.3 million shares of Global Payments common stock; the Issuer Solutions divestiture consideration is approximately $7.5 billion in cash plus FIS’s Worldpay ownership interest.
- To fund the acquisition and related activities, Global Payments intends to issue $6.2 billion of notes to cover cash payments, repay Worldpay debt, pay transaction costs, and for general corporate purposes.
- Global Payments filed key financial exhibits: audited combined financial statements of the Worldpay Business as of December 31, 2023; audited combined and consolidated statements as of December 31, 2024; interim unaudited financials as of September 30, 2025; and unaudited pro forma condensed combined financial information.
- On April 17, 2025, Global Payments entered into definitive agreements to acquire 100% of Worldpay Holdco, LLC and simultaneously divest its Issuer Solutions business to FIS, with both transactions expected to close in Q1 2026, subject to regulatory approvals.
- The Issuer Solutions segment now meets the criteria for a discontinued operation, prompting a restatement of GPN’s FY 2024 Form 10-K and Q1 2025 Form 10-Q to exclude this business from continuing operations and segment results.
- The Company also revised its presentation of cash flows—reclassifying changes in settlement processing assets and funds held for customers from operating to financing activities—and changed Merchant Solutions revenue disaggregation from distribution channels to service lines; corresponding FY 2024 disclosures have been recast to conform.
- Exhibit 99.1 to this Form 8-K includes the updated MD&A, financial statements and supplementary data reflecting these discontinued-operation and presentation changes.
- Delivered 6% constant currency adjusted net revenue growth, 110 bps adjusted operating margin expansion, and 11% constant currency adjusted EPS growth, generating $784 million in adjusted free cash flow and reducing net leverage to 2.9x.
- Merchant Solutions revenue of $1.88 billion (+6% cc, excl. dispositions) and Issuer Solutions revenue of $562 million (+5% cc) drove continued segment‐level growth and margin improvement.
- Received U.K. CMA approval for the WorldPay acquisition, now expected to close in Q1 2026 alongside the divestiture of Issuer Solutions, and returned $500 million to shareholders via accelerated share repurchase following the payroll business sale.
- Reaffirmed full‐year 2025 outlook: 5–6% cc net revenue growth (-400 bps from dispositions), adjusted operating margin expansion within 50 bps, >90% free cash flow conversion, net leverage ≤ 3x, and EPS growth at the high end of 10–11%.
- Adjusted net revenue of $2.43 billion, up 6% on a constant currency basis (ex-dispositions), with an adjusted operating margin of 45% and EPS of $3.26 (+11% CC); adjusted free cash flow of $784 million and net leverage reduced to 2.9×
- Merchant Solutions net revenue of $1.88 billion, +6% CC (ex-dispositions), Issuer Solutions revenue of $562 million, +5% CC; returned $500 million to shareholders via accelerated share repurchase in Q3
- Genius platform drove momentum with new sales to new customers at 90%, new locations +20% YoY, and new ARR up 75% from June to September
- WorldPay acquisition received U.K. CMA approval; expected to close and divest Issuer Solutions in Q1 2026, positioning Global Payments as a pure-play merchant solutions provider
- Maintained FY 2025 guidance of 5–6% CC net revenue growth, high 10–11% EPS growth (CC), >90% FCF conversion, and leverage ≤3× by year-end
- Delivered $2.4 B adjusted net revenue (+3% YOY), $3.26 adjusted EPS (+12% YOY), and $784 M adjusted free cash flow (100% conversion); reduced leverage to 2.9x
- Received UK Competition and Markets Authority clearance for Worldpay acquisition; now expects the transaction to close in Q1 2026
- Merchant Solutions net revenue of $1.9 B (+2% YOY) with 51.1% margin and Issuer Solutions net revenue of $562 M (+6% YOY) with 46.9% margin
- Reaffirmed 2025 outlook: 5–6% constant-currency adjusted net revenue growth ex-dispositions, >50 bps operating margin expansion, and 10–11% adjusted EPS growth
- Delivered $2.43 B in Q3 adjusted net revenue, up 6% on a constant currency basis ex-dispositions; adjusted operating margin expanded 110 bps to 45%, and adjusted EPS was $3.26, up 11% cc.
- Generated $784 M of adjusted free cash flow in Q3; year-to-date free cash flow of $2.1 B with 96% conversion and ended the quarter at 2.9x net leverage, below the 3x target.
- Returned $500 M to shareholders in Q3 via accelerated share repurchase; remains on track to return $7.5 B of capital over 2025–27 and delever to ≤3x within 18–24 months post-close.
- Expects to close the Worldpay acquisition and divest Issuer Solutions in Q1 2026, aiming to drive approximately $5 B in annual free cash flow by 2028 as a pure-play merchant solutions provider.
- GAAP diluted EPS of $2.64 and adjusted EPS of $3.26, up 11% constant currency
- GAAP revenue of $2.01 billion (flat) and adjusted net revenue of $2.43 billion, +6% constant currency ex-dispositions
- Adjusted operating margin expanded 110 bps to 45.0%, with $784 million in adjusted free cash flow and leverage of 2.9×
- Reaffirmed FY 2025 guidance for 5–6% CC adjusted net revenue growth ex-dispositions, >50 bps adjusted operating margin expansion, and 10–11% CC adjusted EPS growth
- Received UK CMA clearance for Worldpay acquisition; expects to close in Q1 2026 and divest Issuer Solutions
- Global Payments completed the sale of its Payroll business to Acrisure for $1.1 billion.
- This divestiture follows the December 2024 sale of AdvancedMD and announced agreements to divest Issuer Solutions and acquire Worldpay, as part of its transformation to a pure-play commerce solutions provider.
- The company returned an additional $500 million to shareholders through an accelerated share repurchase program, on top of its $7.5 billion capital return target for 2025–2027.
- CFO Josh Whipple forecasts a modest headwind of about 100 basis points to full-year adjusted net revenue growth in the merchant segment due to the transaction.
- Board expanded from 10 to 12 with the appointment of Patricia Watson and Archana Deskus as independent directors, effective September 24, 2025.
- Collaboration with Elliott Investment Management to appoint an additional independent director by or immediately after the 2026 annual meeting.
- Integration Committee established to oversee the integration and synergy realization of the pending Worldpay acquisition.
- No related-person transactions involving the new directors; compensation aligned with other non-employee directors.
- Global Payments expanded its Board from 10 to 12 members by appointing Patricia “Patty” Watson and Archana “Archie” Deskus, effective immediately.
- Both appointees bring extensive financial technology and payments experience, including Watson’s senior IT leadership at NCR and Bank of America and Deskus’s CTO role at PayPal and CIO positions at Intel and Hewlett Packard Enterprise.
- Appointments were made in collaboration with activist investor Elliott Investment Management, which holds a significant stake and plans to appoint an additional director.
- The company established an Integration Committee to oversee the integration of its pending Worldpay acquisition, aiming to maximize transaction value and shareholder returns.