Company Announcements

• First quarter 2025 GAAP diluted earnings per share (EPS) of $1.24, an increase of 2%, and adjusted EPS including share-based compensation expense of $2.69, an increase of 11% constant currency. Adjusted EPS excluding share-based compensation expense of $2.82
• First quarter 2025 GAAP revenue of $2.41 billion, approximately flat, and adjusted net revenue of $2.20 billion, an increase of 5% constant currency ex-dispositions
• Reaffirms outlook for 2025
• Accelerates long-term growth strategy and unlocks shareholder value with previously announced agreements to acquire Worldpay and divest Issuer Solutions

ATLANTA--(BUSINESS WIRE)--May 6, 2025-- Global Payments Inc. (NYSE: GPN) today announced results for the first quarter ended March 31, 2025.

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"We delivered solid financial results this quarter, reflecting the resilience of our business and consistent execution of our strategic priorities, despite incremental economic uncertainty during the period,” said Cameron Bready, chief executive officer. "As importantly, we continue to make meaningful progress on our operational transformation initiatives, which are enhancing our efficiency, streamlining our business, elevating client experiences and positioning us for long-term success.”

Bready continued, “The agreements we announced in April to acquire Worldpay and divest Issuer Solutions will sharpen our focus and accelerate our strategy. We have a tremendous opportunity to drive substantial revenue and cost synergies from the transaction as we amplify our collective go-to-market strengths and simplify our business to become a pure play merchant solutions provider with significantly expanded capabilities, extensive scale and greater market access. The transaction will drive an enhanced financial profile for the combined enterprise and unlock long-term value for our shareholders.

"The realignment of our operating model and business structure, together with our transformation will position us with a strong foundation to integrate Worldpay. We are excited about the upcoming launch of Genius later this month, and are continuing to implement our salesforce of the future initiative. Additionally, our unified technology organization is already delivering improved speed to market for new products and enhanced productivity, while providing the scalability, reliability and security that have long been hallmarks of our business.”

Bready concluded, “As we look ahead, we are more confident than ever that we are taking the right steps to reach our goal of becoming the worldwide partner of choice for commerce solutions.”

First Quarter 2025 Summary

• GAAP revenues were $2.41 billion, compared to $2.42 billion in 2024; diluted EPS were $1.24, compared to $1.22 in the prior year; and operating margin was 19.5%, compared to 18.7% in the prior year.
• Adjusted net revenues increased 1% (5% constant currency excluding dispositions) to $2.20 billion, compared to $2.18 billion in the first quarter of 2024.
• Adjusted EPS including share-based compensation expense increased 9% (11% constant currency) to $2.69, compared to $2.46 in the first quarter of 2024; adjusted EPS excluding share-based compensation expense of $2.82.
• Adjusted operating margin expanded 70 basis points to 42.4%.

2025 Outlook

“We are pleased with our positive start to the year, which included constant currency growth for both our Merchant and Issuer businesses, excluding dispositions, consistent with where we exited 2024 despite heightened market volatility," said Josh Whipple, chief financial officer.

Whipple continued, "For the full year 2025, we continue to expect constant currency adjusted net revenue growth to be in a range of 5% to 6%, excluding dispositions, and constant currency adjusted earnings per share growth to be in a range of 10% to 11%. Annual adjusted operating margin is expected to expand 50 basis points, excluding dispositions.”

Whipple concluded, “Our outlook reflects the progress we are making on our transformation plan and a macro backdrop consistent with the current environment. The strategic initiatives we are undertaking this year give us confidence in our ability to quickly and fully integrate Worldpay and realize the synergy benefits we outlined, providing us greater conviction in our medium-term guidance and ability to accelerate our long-term revenue growth.”

Capital Allocation

Global Payments’ Board of Directors approved a dividend of $0.25 per share payable on June 27, 2025 to shareholders of record as of June 13, 2025.

Conference Call

Global Payments’ management will host a live audio webcast today, May 6, 2025, at 7:30 a.m. ET to discuss financial results and business highlights. The audio webcast, along with supplemental financial information, can be accessed via the investor relations page of the company’s website at investors.globalpayments.com. A replay of the audio webcast will be archived on the company's website following the live event.

Non-GAAP Financial Measures

Global Payments supplements revenues, operating income, operating margin and net income and earnings per share determined in accordance with GAAP by providing these measures with certain adjustments (such measures being non-GAAP financial measures) in this earnings release to assist with evaluating our performance. In addition to GAAP measures, management uses these non-GAAP financial measures to focus on the factors the company believes are pertinent to the daily management of our operations.

Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP measure is included in the schedules to this release, except for forward-looking measures where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of the items that are excluded from the non-GAAP outlook measures. The company is unable to address the probable significance of the unavailable information.

About Global Payments

Global Payments Inc. (NYSE: GPN) is a leading payments technology company delivering innovative software and services to our customers globally. Our technologies, services and team member expertise allow us to provide a broad range of solutions that enable our customers to operate their businesses more efficiently across a variety of channels around the world.

Headquartered in Georgia with approximately 27,000 team members worldwide, Global Payments is a Fortune 500® company and a member of the S&P 500 with worldwide reach spanning North America, Europe, Asia Pacific and Latin America. For more information, visit company.globalpayments.com and follow Global Payments on X, LinkedIn and Facebook.

Forward-Looking Statements

Investors are cautioned that some of the statements we use in this release contain forward-looking statements and are made pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and geographies in which we operate, and beliefs of and assumptions made by our management, involve risks, uncertainties and assumptions that could significantly affect the financial condition, results of operations, business plans and the future performance of Global Payments. Actual events or results might differ materially from those expressed or forecasted in these forward-looking statements. Accordingly, we cannot guarantee that our plans and expectations will be achieved. Examples of forward-looking statements include, but are not limited to, statements we make regarding future financial and operating results, including revenue, earnings estimates, liquidity, and deleveraging plans, management’s expectations regarding future plans, objectives and goals; market and growth opportunities; capital available for allocation; the effects of general economic conditions on our business; statements about the strategic rationale and anticipated benefits of acquisitions or dispositions, including future financial and operating results, and the successful integration of our acquisitions; statements about the completion of anticipated benefits and strategic or operational initiatives; statements regarding our success and timing in developing and introducing new services and expanding our business; and other statements regarding our future financial performance and the company’s plans, objectives, expectations and intentions. Statements can generally be identified as forward-looking because they include words such as “believes,” “anticipates,” “expects,” “intends,” “plan,” “forecast,” “could,” “should,” “will,” “would,” or words of similar meaning. Although we believe that the plans and expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our plans and expectations will be attained, and therefore actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.

In addition to factors previously disclosed in Global Payments’ reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the occurrence of any event, change or other circumstances that could give rise to the right of one or more of the parties to terminate the transaction agreements for the divestiture of the Company’s Issuer Solutions business and the acquisition of Worldpay (collectively, the “Transaction”); the outcome of any legal proceedings that may be instituted against Worldpay, Global Payments, or its directors; the ability to obtain regulatory approvals and meet other closing conditions for the Transaction on a timely basis or at all, including the risk that regulatory approvals required for the Transaction are not obtained on a timely basis or at all, or are obtained subject to conditions that are not anticipated or that could adversely affect Global Payments following the Transaction or the expected benefits of the Transaction; risks related to the financing in connection with the Transaction; difficulties and delays in integrating the Worldpay business into that of Global Payments, including with respect to implementing controls to prevent a material security breach of any internal systems or to successfully manage credit and fraud risks in business units; failing to fully realize anticipated cost savings and other anticipated benefits of the Transaction when expected or at all, business disruptions from the proposed transaction that will harm Global Payments’ or Worldpay’s businesses, including current plans and operations; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Transaction, including as it relates to Global Payments’ or Worldpay’s ability to successfully renew existing client contracts on favorable terms or at all and obtain new clients; failing to comply with the applicable requirements of Visa, Mastercard or other payment networks or card schemes or changes in those requirements; the ability of Global Payments or Worldpay to retain and hire key personnel; the diversion of management’s attention from ongoing business operations; uncertainty as to the long-term value of the common stock of Global Payments following the Transaction, including the dilution caused by Global Payments’ issuance of additional shares of its common stock in connection with the Transaction; the continued availability of capital and financing; the effects of global economic, political, market, health and social events or other conditions; the imposition of tariffs and other trade policies and the resulting impacts on market volatility and global trade; macroeconomic pressures and general uncertainty regarding the overall future economic environment; foreign currency exchange, inflation and rising interest rate risks; the effects of a security breach or operational failure on our business; the ability to maintain Visa and Mastercard registration and financial institution sponsorship; difficulties, increased competition in the markets in which we operate and our ability to increase our market share in existing markets and expand into new markets; our ability to safeguard our data; risks associated with our indebtedness; the potential effect of climate change including natural disasters; the effects of new or changes in current laws, regulations, credit card association rules or other industry standards on us or our partners and customers, including privacy and cybersecurity laws and regulations; and other events beyond our control, and other factors included in the “Risk Factors” section in our most recent Annual Report on Form 10-K and in other documents that we file with the SEC, which are available at https://www.sec.gov.

These cautionary statements qualify all of our forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements. Our forward-looking statements speak only as of the date they are made and should not be relied upon as representing our plans and expectations as of any subsequent date. While we may elect to update or revise forward-looking statements at some time in the future, we specifically disclaim any obligation to publicly release the results of any revisions to our forward-looking statements, except as required by law.

NON-GAAP FINANCIAL MEASURES

Global Payments supplements revenues, operating income, operating margin and net income, and earnings per share (EPS) determined in accordance with U.S. GAAP by providing these measures with certain adjustments (such measures being non-GAAP financial measures) in this document to assist with evaluating our performance. In addition to GAAP measures, management uses these non-GAAP financial measures to focus on the factors the company believes are pertinent to the daily management of our operations. The constant currency growth measures adjust for the impact of exchange rates and are calculated using average exchange rates during the comparable period in the prior year. Management uses these non-GAAP financial measures, together with other metrics, to set goals for and measure the performance of the business and to determine incentive compensation. Adjusted net revenue, adjusted operating income, adjusted operating margin, and adjusted EPS should be considered in addition to, and not as substitutes for, revenues, operating income, and EPS determined in accordance with GAAP. The non-GAAP financial measures reflect management's judgment of particular items, and may not be comparable to similarly titled measures reported by other companies.

Adjusted net revenue excludes gross-up related payments associated with certain lines of business to reflect economic benefits to the company. On a GAAP basis, these payments are presented gross in both revenues and operating expenses. Management believes adjusted net revenue more closely reflects the economic benefits to the company's core business and allows for better comparisons with industry peers.

Adjusted operating income, adjusted net income and adjusted EPS exclude acquisition-related amortization expense, acquisition, integration and separation expense, gains or losses on business dispositions, business transformation activities, and certain other items specific to each reporting period as more fully described in the accompanying reconciliations in Schedules 6 and 7. The tax rate used in determining the income tax impact of earnings adjustments is either the jurisdictional statutory rate in effect at the time of the adjustment or the jurisdictional expected annual effective tax rate for the period, depending on the nature and timing of the adjustment.

Adjusted operating margin is derived by dividing adjusted operating income by adjusted net revenue.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506965742/en/

Investor contact:
investor.relations@globalpay.com
Winnie Smith

Media contact:
media.relations@globalpay.com
Emily Edmonds

Source: Global Payments Inc.