Global Payments

GPN · NYSE · Financials · Financials, fiscal 2016 to 2025

GPN · Last close · October 26, 2026

$81.86

Global Payments' revenue fell 0.4% to $7.7 billion in fiscal 2025. Its operating margin was 22.8%, down from 25.5% a year earlier. Free cash flow was $2.0 billion, down 14.4%. It paid out $1.4 billion in dividends and buybacks, 70% of free cash flow. The diluted share count fell 5.0%.

GLOBAL PAYMENTS INC. Latest fiscal year ended December 31, 2025 10-K filed February 20, 2026 · 0001123360-26-000008 Updated October 9, 2026

Revenue

$7.7B

0.4%

Operating margin

22.8%

2.8 pts

Net income

$1.4B

10.8%

Free cash flow

$2.0B

14.4%

Return on capital

3.8%

0.7 pts

Market cap

$22.1B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 12.3% a year and net income 20.0% a year, as new shares raised the share count by 82% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Global Payments yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Global Payments' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Global Payments' fiscal 2025 free cash flow of $2.0B, net cash of −$13.2B at December 31, 2025 and 242 million diluted shares, from its filings. The scenarios are fitted to Global Payments: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -5.0% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Transaction & Payment Processing Services), plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Global Payments's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 11% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $81.86
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Global Payments' latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,979	1,998	2,089	2,356	8,336
Debt incl. finance leases	11,473	13,529	16,393	16,337	21,572
Net debt (negative means net cash)	9,494	11,532	14,304	13,980	13,236
Net debt to EBITDA	3.1x	5.0x	5.8x	4.4x	4.4x
Debt to equity	0.5x	0.6x	0.7x	0.7x	0.9x
Interest coverage	4.1x	1.5x	2.1x	3.2x	2.8x
Current ratio	1.1x	0.9x	1.0x	1.0x	1.7x
Quick ratio	1.1x	0.9x	1.0x	1.0x	1.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 3 insiders bought $1.3 million of Global Payments shares on the open market, and 3 insiders sold $1.4 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Feb 20, 2026	Joia M JohnsonDirector	Bought	1,213	$81.90	$99,345	Form 4
Dec 11, 2025	Robert H B Baldwin JrDirector	Bought	10,392	$81.42	$846,117	Form 4
Dec 11, 2025	David M SheffieldEVP, Chief Accounting Officer	Sold	2,016	$81.41	$164,123	Form 4
Dec 10, 2025	Robert H B Baldwin JrDirector	Bought	3,000	$80.25	$240,750	Form 4
Dec 3, 2025	David Lawrence GreenChief Administrative Officer	Sold	11,600	$79.99	$927,884	Form 4
Nov 12, 2025	Connie D McDanielDirector	Sold	4,464	$77.81	$347,344	Form 4
Nov 7, 2025	Patricia A WatsonDirector	Bought	1,331	$75.06	$99,905	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Fail	Fail	Pass
F-score	7 of 9	7 of 9	6 of 9
Accruals ratio	−3.3%	−3.0%	−2.5%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Global Payments side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Global Payments	FY25	−0.4%	22.8%	26.5%	3.8%	4.4x	6
Toast	FY25	24.1%	4.8%	9.9%	—	−5.6x	7	Compare
Fidelity National Information Services	FY25	5.4%	16.3%	23.0%	5.1%	3.4x	5	Compare
Corpay	FY25	13.9%	44.0%	28.7%	11.5%	3.8x	5	Compare
Affirm	FY26	32.1%	9.8%	23.3%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,898	3,975	3,366	4,912	7,424	8,524	8,976	7,380	7,736	7,706
Revenue growth	4.5%	37.2%	−15.3%	45.9%	51.1%	14.8%	5.3%	−17.8%	4.8%	−0.4%
Gross profit	1,750	2,047	2,271	2,838	3,773	4,750	5,197	5,312	5,702	5,592
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	425	559	737	791	894	1,359	640	1,316	1,974	1,755
Net income	272	468	452	431	584	966	112	986	1,570	1,400
Diluted EPS (US$)	2.04	3.01	2.84	2.16	1.95	3.29	0.40	3.77	6.16	5.78
Diluted shares (millions)	133	156	159	199	300	294	276	262	255	242
Cash flow
Cash from operations	593	512	1,106	1,391	2,314	2,781	2,244	2,550	3,058	2,657
Capital expenditure	92	182	213	308	436	493	616	658	675	618
Free cash flow	501	330	893	1,083	1,878	2,288	1,628	1,892	2,383	2,039
Dividends paid	5	7	6	64	233	260	274	260	253	238
Share buybacks	0	35	208	311	631	2,534	2,921	418	1,552	1,191
Acquisitions	0	563	1,260	645	161	1,811	66	4,226	487	352
Stock-based compensation	31	39	58	90	149	181	163	209	164	154
Balance sheet at fiscal year end
Cash and short-term investments	1,045	1,336	1,211	1,678	1,946	1,979	1,998	2,089	2,356	8,336
Debt incl. finance leases	4,515	4,660	5,130	9,158	9,294	11,473	13,529	16,393	16,337	21,572
Total assets	10,510	12,998	13,231	44,480	44,202	45,280	44,809	50,570	46,890	53,338
Total liabilities	7,632	9,033	9,044	16,425	16,714	19,410	22,269	26,783	23,874	29,559
Shareholders' equity	2,746	3,794	3,991	27,856	27,332	25,628	22,304	22,999	22,281	22,889
Margins and ratios
Gross margin	60.4%	51.5%	67.5%	57.8%	50.8%	55.7%	57.9%	72.0%	73.7%	72.6%
Operating margin	14.7%	14.1%	21.9%	16.1%	12.0%	15.9%	7.1%	17.8%	25.5%	22.8%
Net margin	9.4%	11.8%	13.4%	8.8%	7.9%	11.3%	1.2%	13.4%	20.3%	18.2%
Free cash flow margin	17.3%	8.3%	26.5%	22.1%	25.3%	26.8%	18.1%	25.6%	30.8%	26.5%
Return on capital	8.2%	8.2%	8.3%	3.2%	2.2%	3.2%	0.9%	2.8%	4.5%	3.8%
Return on equity	15.5%	14.3%	11.6%	2.7%	2.1%	3.6%	0.5%	4.3%	6.9%	6.2%
Return on assets	3.3%	4.0%	3.5%	1.5%	1.3%	2.2%	0.2%	2.1%	3.2%	2.8%
Net debt to EBITDA	5.7x	3.3x	3.1x	4.5x	2.9x	3.1x	5.0x	5.8x	4.4x	4.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Global Payments' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Global Payments.