Total Revenue

–0.33% (Q1 2025: $2,412.1M vs. Q1 2024: $2,420.2M)

Total revenue remained essentially flat because the slight decline in Merchant Solutions revenue was nearly offset by a modest 3% increase in Issuer Solutions. This balanced outcome indicates a slowdown in revenue growth compared to previous stronger contributions from Merchant Solutions. " "

Merchant Solutions

–1.4% (Q1 2025: $1,808.7M vs. Q1 2024: $1,834.1M)

Merchant Solutions revenue declined by $25.4M largely due to lower transaction volumes and foreign exchange headwinds. This contrasts with prior periods where strong transaction growth—and in FY 2024 a significant boost from acquisition benefits—helped drive higher growth. " "

Issuer Solutions

+3% (Q1 2025: $620.7M vs. Q1 2024: $602.7M)

Issuer Solutions revenue improved modestly driven by increased cardholder activity and a favorable environment that helped boost transaction volumes. Compared with previous periods, this modest gain reflects a shift in the revenue mix as the segment continues to gain traction. " "

Operating Cash Flow

+33% (Q1 2025: $555.1M vs. Q1 2024: $416.3M)

Operating cash flow surged by roughly 33% owing to a lower noncash tax valuation allowance in Q1 2024 and improved conversion of operational earnings. This robust cash performance contrasts with the previous period’s adjustments and reflects the positive impact of cost efficiencies and transformation initiatives. " "

Net Income

–3% (Q1 2025: $312.8M vs. Q1 2024: $323.1M)

Net income fell by about 3%, even though basic EPS edged up from $1.22 to $1.24. This decline suggests that while operating cash generation and some efficiency measures improved, higher expenses or slight revenue pressures—especially within Merchant Solutions—impacted bottom-line profitability compared to the prior period. " "

Total Assets

–8% (Q1 2025: $47.62B vs. Q1 2024: $51.77B)

Total assets decreased by approximately 8% driven by reductions in key asset categories such as Settlement Processing Assets and adjustments in Goodwill and Intangibles. These changes continue the trend from FY 2024, reflecting asset sales, divestitures, or remeasurement adjustments that resulted in a leaner balance sheet. " "

Total Liabilities

–14% (Q1 2025: $24.59B vs. Q1 2024: $28.68B)

Total liabilities declined by roughly 14%, primarily due to lower settlement processing obligations and lines of credit, along with adjustments in current liabilities. This reduction indicates continued balance sheet optimization as compared to previous periods where higher liabilities were associated with larger settlement exposures. " "

Adjusted Net Revenue Growth

FY 2025

5% to 6% on a constant currency basis, excluding dispositions " "

5% to 6% over 2024, excluding dispositions "

no change

Currency Impact

FY 2025

Expected headwind of approximately 175 basis points " "

Expected headwind of just over 100 basis points "

lowered

Adjusted Operating Margin Expansion

FY 2025

Approximately 50 basis points expansion, excluding dispositions "

Approximately 50 basis points expansion, excluding the effect of dispositions "

no change

Issuer Solutions Adjusted Net Revenue Growth

FY 2025

Grew in the 4% range on a constant currency basis "

Approximately 4% "

no change

Issuer Solutions Adjusted Operating Margin

FY 2025

Approximately 50 basis points expansion "

Approximately 50 basis points expansion "

no change

Merchant Solutions Adjusted Net Revenue Growth

FY 2025

Roughly 6% on a constant currency basis, excluding dispositions "

Roughly 6% "

no change

Adjusted EPS Growth

FY 2025

10% to 11% on a constant currency basis " "

10% to 11% "

no change

Adjusted Free Cash Flow Conversion

FY 2025

Greater than 90% "

Greater than 90% "

no change

Integration Synergies

Q4 2024 discussed expense synergies from the Eagle Payments acquisition (targeting $135 million run rate). " Q2 2024 detailed EVO Payments synergy efforts with targets and margin expansion, as well as falling integration expenses. " "

Q1 2025 emphasized Worldpay acquisition synergies with ambitious targets: at least $200 million in annual run-rate revenue synergies and $600 million in cost synergies, leveraging a unified operating model and advanced technology integration. " " "

Improved scale and ambition – the narrative has shifted from achieving moderate cost synergies to a more aggressive, technology‐enabled integration across a larger, global platform.

Execution Risks

Q2 2024 mentioned challenges such as integration issues, technology consolidation, and adverse foreign currency impacts. " " " Q4 2024 touched indirectly on execution risks within their broader transformation agenda. " " "

Q1 2025 provided a detailed framework to manage risks including client disruption, technology complexity, integration speed, and execution preparedness through proactive leadership and streamlined integration processes. " "

Enhanced focus on risk mitigation – there is greater transparency and detailed strategies to minimize integration issues, reflecting improved execution preparedness.

Macroeconomic Vulnerability

Q2 2024 highlighted global uncertainty with specific mention of adverse foreign currency effects and a slightly tempered outlook. " " " Q4 2024 characterized the macro environment as relatively stable with some post-election uncertainty. "

Q1 2025 noted resilient consumer spending and a diversified business model that supports a stable long‐term outlook, despite acknowledging some heightened uncertainty. " " "

Shift towards confidence – while still recognizing uncertainty, the narrative is more positive, centering on stable consumption trends and diversification to counter risks.

Policy Uncertainty

Q4 2024 mentioned concerns tied to the U.S. post-election environment and potential new policies. " Q2 2024 did not offer significant detail on policy issues.

Q1 2025 is monitoring tariff negotiations but offers limited discussion on broader policy impacts. "

Reduced emphasis – policy uncertainty is now more observational rather than a central concern, indicating a decreased level of proactive worry compared to earlier discussions.

Technology Modernization

Q2 2024 focused on the issuer modernization program, cloud-based solutions with AWS, and early pilots. " " Q4 2024 discussed client-facing app launches, GenAI-supported productivity improvements, and acquisition of a real-time processing platform. " "

Q1 2025 stressed an aggressive transformation agenda—including a 20% increase in benefit targets, strategic transactions like acquiring Worldpay, and a unified operating model that drives centralized innovation in Merchant Solutions. " " " "

Accelerated and strategic – the technology modernization efforts have advanced from developmental pilots and incremental improvements to a full-scale, integrated transformation strategy.

Transformation Initiatives

Q2 2024 mentioned simplifying the portfolio through modernization and innovation to unlock new market opportunities. " " Q4 2024 added initiatives around operational efficiency, GenAI, and integrated orchestration to improve cycle times. " " "

In Q1 2025, transformation was further emphasized via strategic transactions (including divesting Issuer Solutions and acquiring Worldpay) and focused reinvestment (over $1 billion annually in Merchant Solutions) to drive a unified global approach. " " " "

More comprehensive and bold – there is a stronger commitment to restructuring and reinvesting, with measurable targets that signal a mature, well-funded transformation drive.

Customer Adoption and Migration

Q2 2024 did not mention customer migration initiatives. Q4 2024 provided early positive feedback on the Genius platform rollout, highlighting feature richness and a natural upgrade path with minimal disruption. " "

Q1 2025 described an imminent launch for the Genius platform with clear segmentation: initial focus on the front book (new customers) and defined migration pathways for the back book. Integration with Worldpay channels (covering 1 million SMB merchants) enhances adoption opportunities. " " "

Emerging clarity and momentum – the rollout has evolved from early pilot feedback to an active, well-defined launch strategy with robust distribution plans, reflecting increased customer enthusiasm.

Capital Returns and Share Repurchases

Q2 2024 noted modest share repurchases (approximately $100 million) along with a focus on reducing debt, while Q4 2024 detailed a larger scale of shareholder returns, including $1.8 billion returned and an accelerated repurchase program. " " "

Q1 2025 outlined an ambitious plan to return over $7 billion from 2025 to 2027, with specific targets for share repurchases in 2026-2027, and further plans for opportunistic buybacks. " "

Significantly scaled up – capital return commitments have grown markedly, demonstrating an enhanced commitment to shareholder value and a more aggressive repurchase strategy.

Strategic Portfolio Optimization and Restructuring

Q2 2024 discussed initiatives to simplify the portfolio, streamline operations, and enhance capital allocation. " " Q4 2024 provided concrete examples including the divestiture of AdvancedMD, exiting low-growth markets, and restructuring joint ventures. " " "

Q1 2025 built on the earlier efforts by detailing revenue dispositions (targeting $500‑$600 million), divesting non-core Issuer Solutions, and completing further restructuring actions to focus on core Merchant Solutions, aligned with the Worldpay acquisition. " " " "

Continued consolidation – restructuring becomes more targeted and execution-driven, emphasizing revenue dispositions and sharper strategic focus to drive sustainable, long-term growth.