Revenue growth of 23.1% in 2026Q1 is offset by a collapse in profitability, with operating margins falling to -0.5% compared to 31.8% in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | May'03 | May'02 | May'01 | May'00 |
|---|
| Sales/Revenue | 8.83B | 7.71B | 10.11B | 9.65B | 8.98B | 8.52B | 7.42B | 4.91B | 3.37B | 3.98B | 3.37B | 2.9B | 2.77B | 2.55B | 2.38B | 2.2B | 1.86B | 1.64B | 1.6B | 1.27B | 1.06B | 908.06M | 784.33M | 629.32M | 516.08M | 462.83M | 353.19M | 340.03M |
| Revenue Growth % | -0.73% | -23.75% | 4.68% | 7.56% | 5.3% | 14.82% | 51.13% | 45.91% | -15.32% | 17.92% | 16.31% | 4.49% | 8.59% | 7.51% | 7.81% | 18.5% | 13.23% | 2.56% | 25.69% | 20.04% | 16.9% | 15.77% | 24.63% | 21.94% | 11.51% | 31.04% | 3.87% | - |
| Cost of Goods Sold | 2.89B | 2.11B | 3.76B | 3.73B | 3.78B | 3.77B | 3.65B | 2.07B | 1.1B | 1.93B | 1.6B | 1.15B | 1.02B | 943.52M | 852.58M | 775.96M | 644.82M | 584.61M | 598.78M | 475.61M | 414.84M | 355.82M | 337.27M | 289.35M | 260.29M | 252.13M | 192.39M | 181.48M |
| COGS % of Revenue | - | 27.43% | 37.21% | 38.61% | 42.1% | 44.27% | 49.18% | 42.22% | 32.53% | 48.5% | 47.57% | 39.6% | 36.67% | 36.94% | 35.88% | 35.21% | 34.67% | 35.59% | 37.39% | 37.33% | 39.08% | 39.18% | 43% | 45.98% | 50.44% | 54.48% | 54.47% | 53.37% |
| Gross Profit | 5.94B | 5.59B | 6.35B | 5.93B | 5.2B | 4.75B | 3.77B | 2.84B | 2.27B | 2.05B | 1.77B | 1.75B | 1.76B | 1.61B | 1.52B | 1.43B | 1.21B | 1.06B | 1B | 798.62M | 646.69M | 552.24M | 447.06M | 339.97M | 255.79M | 210.7M | 160.81M | 158.55M |
| Gross Margin % | 67.31% | 72.57% | 62.79% | 61.39% | 57.9% | 55.73% | 50.82% | 57.78% | 67.47% | 51.5% | 52.43% | 60.4% | 63.33% | 63.06% | 64.12% | 64.79% | 65.33% | 64.41% | 62.61% | 62.67% | 60.92% | 60.82% | 57% | 54.02% | 49.56% | 45.52% | 45.53% | 46.63% |
| Gross Profit Growth % | - | -11.87% | 7.07% | 14.05% | 9.41% | 25.9% | 32.94% | 24.95% | 10.95% | 15.82% | 0.97% | -0.34% | 9.05% | 5.73% | 6.69% | 17.52% | 14.85% | 5.5% | 25.56% | 23.49% | 17.1% | 23.53% | 31.5% | 32.91% | 21.4% | 31.03% | 1.42% | - |
| Operating Expenses | 4.51B | 4.12B | 4.06B | 3.71B | 3.22B | 2.99B | 2.56B | 1.79B | 1.48B | 1.48B | 1.41B | 1.33B | 1.3B | 1.21B | 1.13B | 1.11B | 862.19M | 734.58M | 693.65M | 545.94M | 425.51M | 347.07M | 283.23M | 217.42M | 162.53M | 128.29M | 107.76M | 95.34M |
| OpEx % of Revenue | - | 53.47% | 40.18% | 38.47% | 35.87% | 35.13% | 34.47% | 36.46% | 43.91% | 37.11% | 41.86% | 45.74% | 46.7% | 47.46% | 47.53% | 50.54% | 46.36% | 44.72% | 43.31% | 42.84% | 40.08% | 38.22% | 36.11% | 34.55% | 31.49% | 27.72% | 30.51% | 28.04% |
| Selling, General & Admin | 4.51B | 4.12B | 4.06B | 3.71B | 3.22B | 2.99B | 2.59B | 1.79B | 1.48B | 1.48B | 1.41B | 1.33B | 1.29B | 1.2B | 1.12B | 1.05B | 862.19M | 734.58M | 693.65M | 545.94M | 425.51M | 347.07M | 283.23M | 217.42M | 161.27M | 128.29M | 102.88M | 95.34M |
| SG&A % of Revenue | - | 53.47% | 40.18% | 38.47% | 35.87% | 35.13% | 34.83% | 36.46% | 43.91% | 37.11% | 41.86% | 45.74% | 46.52% | 47.12% | 47.13% | 47.48% | 46.36% | 44.72% | 43.31% | 42.84% | 40.08% | 38.22% | 36.11% | 34.55% | 31.25% | 27.72% | 29.13% | 28.04% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | -27.11M | 0 | 0 | 0 | 0 | 0 | -4.9M | -8.7M | -9.5M | -67.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.26M | 0 | 4.88M | 0 |
| Operating Income | 1.43B | 1.47B | 2.29B | 2.21B | 1.98B | 1.76B | 1.21B | 1.05B | 793.15M | 571.93M | 356.35M | 424.94M | 461.2M | 398.5M | 393.99M | 314.15M | 352.79M | 323.28M | 309.09M | 252.68M | 221.18M | 205.17M | 163.83M | 122.55M | 93.27M | 82.41M | 53.05M | 63.21M |
| Operating Margin % | 16.21% | 19.1% | 22.62% | 22.92% | 22.03% | 20.6% | 16.35% | 21.32% | 23.56% | 14.39% | 10.57% | 14.66% | 16.63% | 15.6% | 16.58% | 14.25% | 18.97% | 19.68% | 19.3% | 19.83% | 20.84% | 22.59% | 20.89% | 19.47% | 18.07% | 17.81% | 15.02% | 18.59% |
| Operating Income Growth % | - | -35.6% | 3.27% | 11.92% | 12.62% | 44.64% | 15.94% | 32.01% | 38.68% | 60.5% | -16.14% | -7.86% | 15.73% | 1.15% | 25.41% | -10.95% | 9.13% | 4.59% | 22.33% | 14.24% | 7.8% | 25.23% | 33.68% | 31.4% | 13.17% | 55.36% | -16.08% | - |
| EBITDA | 3.08B | 2.89B | 4.29B | 4.12B | 3.75B | 3.65B | 3.01B | 1.99B | 1.32B | 1.02B | 701.36M | 612.83M | 598.7M | 520.57M | 505.78M | 413.25M | 435.03M | 391.95M | 375.38M | 296.71M | 261.54M | 245.66M | 209.13M | 158.09M | 125.33M | 111.98M | 74.8M | 83.24M |
| EBITDA Margin % | 34.9% | 37.47% | 42.48% | 42.64% | 41.81% | 42.84% | 40.48% | 40.54% | 39.09% | 25.74% | 20.81% | 21.15% | 21.58% | 20.38% | 21.29% | 18.75% | 23.39% | 23.86% | 23.44% | 23.29% | 24.64% | 27.05% | 26.66% | 25.12% | 24.28% | 24.2% | 21.18% | 24.48% |
| EBITDA Growth % | -21.45% | -32.75% | 4.29% | 9.71% | 2.77% | 21.5% | 50.9% | 51.33% | 28.63% | 45.87% | 14.45% | 2.36% | 15.01% | 2.92% | 22.39% | -5.01% | 10.99% | 4.41% | 26.51% | 13.45% | 6.47% | 17.46% | 32.29% | 26.14% | 11.92% | 49.7% | -10.14% | - |
| D&A (Non-Cash Add-back) | 1.56B | 1.42B | 2.01B | 1.9B | 1.78B | 1.9B | 1.79B | 944.42M | 522.81M | 451.15M | 345.01M | 187.88M | 137.5M | 122.07M | 111.79M | 99.1M | 82.24M | 68.67M | 66.29M | 44.03M | 40.37M | 40.49M | 45.31M | 35.54M | 32.06M | 29.57M | 21.76M | 20.03M |
| EBIT | 1.58B | 2.03B | 2.51B | 1.83B | 652.43M | 1.34B | 900.99M | 820.57M | 762.57M | 561.86M | 403.13M | 430.23M | 453.05M | 419.16M | 367.57M | 317.3M | 342.37M | 327.91M | 168.69M | 269.57M | 234.79M | 208.66M | 162.29M | 115.26M | 94.52M | 93.4M | 57.93M | 63.21M |
| Net Interest Income | -586.98M | -494.5M | -464.82M | -546.44M | -415.83M | -314.33M | -300M | -273.49M | -174.9M | -166.19M | 0 | -64.03M | -39.49M | -28.15M | -22.93M | -6.9M | -7.39M | -12.89M | -277K | 10.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 129.13M | 155.14M | 169.17M | 113.71M | 33.6M | 19.32M | 43.55M | 31.41M | 20.72M | 8.66M | 180.63M | 5.28M | 4.95M | 13.66M | 10.35M | 9.95M | 10.77M | 4.63M | 7M | 18.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 716.12M | 649.64M | 633.99M | 660.15M | 449.43M | 333.65M | 343.55M | 304.9M | 195.62M | 174.85M | 0 | 69.32M | 44.44M | 41.81M | 33.28M | 16.85M | 18.16M | 17.52M | 7.28M | 8.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -497.41M | -91.63M | -346.19M | -975.19M | -1.67B | -598.98M | -531.7M | -515.55M | -231M | -179.25M | -99.38M | -64.03M | -44.09M | -21.15M | -59.7M | -13.7M | -28.59M | -12.89M | -147.67M | 8.73M | 5.15M | -3.65M | -9.91M | -13.81M | -3.11M | -17.95M | -14.56M | -9.44M |
| Pretax Income | 934.31M | 1.38B | 1.94B | 1.24B | 310.01M | 1.16B | 682.25M | 531.47M | 562.15M | 392.68M | 256.97M | 360.91M | 417.11M | 377.35M | 334.28M | 300.45M | 324.21M | 310.39M | 161.43M | 261.4M | 226.33M | 201.52M | 153.92M | 108.73M | 90.15M | 64.46M | 38.48M | 53.77M |
| Pretax Margin % | 10.58% | 17.91% | 19.19% | 12.82% | 3.45% | 13.57% | 9.19% | 10.82% | 16.7% | 9.88% | 7.62% | 12.45% | 15.04% | 14.77% | 14.07% | 13.63% | 17.43% | 18.9% | 10.08% | 20.51% | 21.32% | 22.19% | 19.62% | 17.28% | 17.47% | 13.93% | 10.9% | 15.81% |
| Income Tax | 273.19M | 251.56M | 295.13M | 209.02M | 166.69M | 169.03M | 77.15M | 62.19M | 77.49M | -101.39M | 36.27M | 70.69M | 108M | 107.4M | 95.57M | 82.88M | 95.08M | 87.38M | 85.25M | 90.59M | 73.44M | 67.52M | 53.35M | 37.77M | 31.84M | 24.62M | 14.82M | 20.73M |
| Effective Tax Rate % | 29.24% | 18.23% | 15.22% | 16.89% | 53.77% | 14.61% | 11.31% | 11.7% | 13.78% | -25.82% | 14.11% | 19.59% | 25.89% | 28.46% | 28.59% | 27.59% | 29.33% | 28.15% | 52.81% | 34.65% | 32.45% | 33.51% | 34.66% | 34.73% | 35.32% | 38.2% | 38.5% | 38.54% |
| Net Income | -705.5M | 1.4B | 1.57B | 986.23M | 111.49M | 965.46M | 584.52M | 430.61M | 452.05M | 468.43M | 201.75M | 271.67M | 278.04M | 245.29M | 216.13M | 188.16M | 209.24M | 203.32M | 37.22M | 162.75M | 142.99M | 125.52M | 92.9M | 62.44M | 53.3M | 23.84M | 23.67M | 33.05M |
| Net Margin % | -7.99% | 18.17% | 15.54% | 10.22% | 1.24% | 11.33% | 7.87% | 8.77% | 13.43% | 11.78% | 5.99% | 9.37% | 10.02% | 9.6% | 9.1% | 8.54% | 11.25% | 12.38% | 2.32% | 12.77% | 13.47% | 13.82% | 11.84% | 9.92% | 10.33% | 5.15% | 6.7% | 9.72% |
| Net Income Growth % | -145.14% | -10.84% | 59.23% | 784.57% | -88.45% | 65.17% | 35.74% | -4.74% | -3.5% | 132.18% | -25.73% | -2.29% | 13.35% | 13.49% | 14.86% | -10.07% | 2.91% | 446.3% | -77.13% | 13.83% | 13.91% | 35.12% | 48.77% | 17.15% | 123.57% | 0.73% | -28.38% | - |
| Net Income (Continuing) | 661.12M | 1.13B | 1.64B | 1.03B | 143.31M | 987.86M | 605.1M | 469.28M | 484.67M | 494.07M | 220.71M | 290.22M | 309.12M | 269.95M | 238.71M | 217.57M | 229.13M | 223.01M | 207.02M | 170.81M | 142.99M | 125.52M | 92.9M | 62.44M | 53.3M | 39.84M | 23.67M | 37.16M |
| Discontinued Operations | 2M | 327.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 882.22M | 890.71M | 735.88M | 788.3M | 236.7M | 241.22M | 154.67M | 199.24M | 194.94M | 170.7M | 148.55M | 130.93M | 105.58M | 135.57M | 140.52M | 287.39M | 287.14M | 112.92M | 10.81M | 15.68M | 14.93M | 13M | 17.14M | 22.32M | 23.24M | 25.24M | 38.85M | 18.47M |
| EPS (Diluted) | -2.94 | 5.83 | 6.16 | 3.77 | 0.40 | 3.29 | 1.95 | 2.16 | 2.84 | 3.01 | 1.37 | 2.04 | 2.06 | 1.69 | 1.38 | 1.19 | 1.30 | 1.24 | 0.23 | 1.00 | 0.88 | 0.77 | 0.29 | 0.40 | 0.18 | 0.16 | 0.21 | 0.31 |
| EPS Growth % | -147.58% | -5.36% | 63.4% | 842.5% | -87.84% | 68.72% | -9.72% | -23.94% | -5.65% | 119.71% | -32.84% | -0.97% | 21.89% | 22.46% | 15.97% | -8.46% | 4.84% | 439.13% | -77% | 13.64% | 14.29% | 165.52% | -27.5% | 122.22% | 12.5% | -23.81% | -32.26% | - |
| EPS (Basic) | - | 5.84 | 6.18 | 3.78 | 0.41 | 3.30 | 1.95 | 2.17 | 2.85 | 3.03 | 1.38 | 2.05 | 2.07 | 1.70 | 1.39 | 1.20 | 1.31 | 1.25 | 0.23 | 1.02 | 0.89 | 0.80 | 0.30 | 0.42 | 0.18 | 0.16 | 0.21 | 0.31 |
| Diluted Shares Outstanding | 240.17M | 240.17M | 254.84M | 261.7M | 275.58M | 293.67M | 300.52M | 199.13M | 159.27M | 155.53M | 146.94M | 133.17M | 134.92M | 145.38M | 156.45M | 158.86M | 160.96M | 164.24M | 162.1M | 161.96M | 163.41M | 164.08M | 158.63M | 156.11M | 150.63M | 151.37M | 115.45M | 106.6M |
| Basic Shares Outstanding | 239.79M | 239.79M | 254.29M | 261.13M | 275.19M | 292.65M | 299.22M | 198.3M | 158.67M | 154.65M | 146.03M | 132.28M | 134.07M | 144.24M | 155.53M | 157.66M | 159.67M | 162.15M | 160.32M | 159.04M | 160.66M | 157.89M | 153.37M | 150.47M | 147.86M | 146.71M | 114.06M | 106.6M |
| Dividend Payout Ratio | - | 17.04% | 16.1% | 26.41% | 245.72% | 26.9% | 39.9% | 20.14% | 1.4% | 1.44% | 2.93% | 2% | 1.92% | 2.35% | 2.87% | 3.35% | 3.05% | 3.2% | 17.24% | 3.92% | 4.51% | 5.05% | 6.68% | 9.66% | 11.1% | 24.57% | 6.16% | 13.24% |
Integration and Margin Volatility
According to recent financial filings, Global Payments reported a 23.1% revenue increase in 2026Q1 following a period of significant contraction, suggesting that the divestiture of the Netspend consumer business has fundamentally altered the company's top-line growth profile and overall revenue composition compared to previous fiscal years.
The sharp fluctuations in quarterly revenue growth appear to be driven by structural portfolio changes rather than organic demand shifts. Investors should monitor whether the current growth trajectory can stabilize as the company pivots toward its core B2B and integrated software-led merchant services.
As reported in financial statements, gross margins have exhibited significant volatility, ranging from a low of 57.1% in 2026Q1 to a high of 74.7% in 2024Q3, reflecting the impact of shifting revenue streams and the integration of acquired business units into the existing cost structure.
The compression in gross margins during recent periods suggests that the company may be experiencing increased costs associated with its integrated software strategy or changes in the underlying payment processing mix. This variability warrants further investigation into whether the company possesses the pricing power to offset rising network fees.
Based on the provided income statement data, operating income turned negative in 2026Q1, marking a stark departure from the 31.8% operating margin achieved in 2025Q3 and indicating that SG&A expenses are currently scaling at a rate that significantly outpaces the company's ability to generate operating profit.
The inability to maintain operating leverage suggests that the company's cost base remains heavily burdened by integration expenses or structural inefficiencies. Analysts should scrutinize whether the current SG&A levels are temporary costs related to the EVO Payments integration or a more permanent deterioration in operational discipline.
Financial disclosures reveal a net loss of $1.8 billion in 2026Q1, a dramatic reversal from the $635.2 million net income reported in 2025Q3, which highlights the extreme sensitivity of the company's bottom line to non-operating items and the ongoing challenges of managing a complex, acquisition-heavy business model.
The massive swing in net income suggests that reported EPS may not be a reliable indicator of underlying operational health. Investors should look past headline figures to determine if these losses are driven by one-time accounting charges or a fundamental erosion of the company's core profitability.
While management emphasizes the stickiness of its software-led model, the recent collapse in operating margins to negative territory in 2026Q1 suggests that the company's competitive moat may be insufficient to protect against rising operational costs and the inherent complexities of its aggressive acquisition-led growth strategy.
Short-sellers may focus on the company's inability to maintain consistent profitability despite its scale, questioning whether the 'owned software' strategy is truly as defensive as claimed. The current financial profile suggests that the company may be struggling to realize the projected synergies from its recent M&A activity.
Quick answers to the most common questions about buying GPN stock.
For fiscal year 2025, Global Payments Inc. (GPN) reported total revenue of $7.71B. This represents a 2166.2% increase compared to $340.0M in 1999.
Global Payments Inc. (GPN) is profitable, generating $1.40B in net income for the fiscal year ending 2025 with a net profit margin of 18.2%.
Global Payments Inc. (GPN) reported an operating income of $1.47B, resulting in an operating profit margin of 19.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Global Payments Inc. (GPN) generated $5.59B in gross profit for the year, representing a gross profit margin of 72.6%. This demonstrates the company's core pricing power and production efficiency.