Global Payments (GPN) Q1 2026 earnings summary

Executive summary

• First quarter 2026 results exceeded expectations, with adjusted EPS up 10% to $2.96 and adjusted net revenue growing 5.5% normalized (4.5% constant currency), driven by strong operational execution and the Worldpay acquisition.

• Completed acquisition of Worldpay and divestiture of Issuer Solutions on January 9, 2026, transforming the company into a pure-play commerce solutions provider focused on Merchant Solutions.

• Genius platform bookings nearly doubled year-over-year, with yields up over 30% and strong adoption across enterprise and SMB clients.

• Integration of Worldpay and Issuer Solutions is ahead of schedule, with early synergy realization and key milestones achieved.

• GAAP net loss attributable to shareholders was $1.8 billion, reflecting a $1.6 billion loss from discontinued operations and higher amortization and transformation costs.

Financial highlights

• GAAP revenue for Q1 2026 was $2.97 billion; adjusted net revenue was $2.86 billion, up 5.5% normalized and 4.5% constant currency year-over-year.

• Adjusted operating margin reached 39.9%, up 110 basis points year-over-year on a normalized basis.

• Adjusted EPS was $2.96 (reported), $2.99 (normalized), up 10–11% year-over-year.

• Adjusted net income attributable to shareholders was $808.9 million, up 21.6% year-over-year.

• Adjusted free cash flow was $544 million, with a 70% conversion rate of adjusted net income.

Outlook and guidance

• Reaffirmed full-year 2026 outlook: normalized constant currency adjusted net revenue growth of ~5%, adjusted operating margin expansion of ~150 basis points, and adjusted EPS of $13.80–$14.00.

• Expect >90% conversion of adjusted net income to adjusted free cash flow for 2026.

• Plan to return over $2 billion to shareholders in 2026 and $7.5 billion by end of 2027.

• Capital expenditures projected at ~$1 billion for 2026.

• Macro assumptions include stable environment, normalization of travel by Q2 end, and modest headwinds from Middle East conflict and tax payment softness.