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Here are 1-3 brief analogies for Global Payments (GPN):

• They are like the Block (Square) for global enterprises, providing the technology and software to process all types of payments.
• Think of them as the Amazon Web Services (AWS) for payment processing infrastructure, enabling businesses worldwide to accept digital transactions.

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• Merchant Solutions: Provides integrated payment processing services for businesses to accept various forms of payments in-store, online, and via mobile.
• Issuer Solutions: Offers comprehensive payment processing and software solutions to financial institutions for managing credit, debit, and prepaid card programs.
• Business Solutions: Delivers integrated B2B payment services to streamline accounts payable and receivable for commercial clients.
• Gaming Solutions: Offers specialized payment technologies and services tailored for the unique needs of the gaming and lottery industries.

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Global Payments (GPN) - Major Customers

• Merchants (Small, Medium, and Large Enterprises): This constitutes the largest segment of Global Payments' customer base. They provide payment processing services (including credit and debit card acceptance, online payment gateways, and mobile payments), point-of-sale (POS) systems, and integrated business management software to a vast array of businesses across numerous industries such as retail, hospitality, healthcare, e-commerce, and professional services.
• Financial Institutions: Global Payments partners with banks and credit unions globally. These financial institutions leverage GPN's technology and infrastructure to offer payment processing solutions to their own merchant clients. In this context, the financial institutions themselves are customers of Global Payments' specialized services and platforms.
• Integrated Software Vendors (ISVs) and Technology Partners: Global Payments collaborates with software companies across numerous verticals to embed its payment functionality directly into industry-specific software applications. These ISVs become key customers and partners who integrate and distribute GPN's payment solutions as part of their broader software offerings to end-user businesses.

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• Visa Inc. (V)
• Mastercard Incorporated (MA)
• American Express Company (AXP)
• Discover Financial Services (DFS)

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Cameron Bready has over 30 years of experience in leadership roles at public companies. He became the CEO of Global Payments in June 2023. Prior to this, he served as President and Chief Operating Officer for Global Payments from 2019 to 2023, overseeing worldwide merchant solutions, operations, risk management, product, and real estate. From 2014 to 2019, he was the Senior Executive Vice President and Chief Financial Officer for Global Payments, responsible for global financial operations and corporate development. Before joining Global Payments in 2014, Mr. Bready was the Executive Vice President and Chief Financial Officer for ITC Holdings Corp., a publicly-traded electric transmission utility, from 2009 to 2014. He also held positions as Vice President of Finance at Northeast Utilities and Senior Vice President at Mirant Corporation. He also previously served as CFO for NCR Corporation.

Joshua J. Whipple has served as the Chief Financial Officer and Senior Executive Vice President of Global Payments since 2022. He is responsible for all global financial operations, including finance, treasury, accounting, tax, investor relations, and internal audit. From 2015 to 2022, he was the company's Chief Strategy and Enterprise Risk Officer, overseeing corporate strategy, mergers and acquisitions, integrations, joint ventures, enterprise risk management, compliance, and government relations. Mr. Whipple was instrumental in leading Global Payments' merger with TSYS and the acquisition and integration of Heartland Payment Systems, executing transactions totaling over $40 billion. Before joining Global Payments in 2015, he spent more than a decade in investment banking at Bank of America Merrill Lynch and Bear Stearns.

Robert “Bob” Cortopassi is the President and Chief Operating Officer of Global Payments, bringing over 30 years of experience in technology, commerce, and global business. He is responsible for the company's merchant and issuer solutions businesses, as well as worldwide operations. Mr. Cortopassi joined Global Payments in 2012 as part of the acquisition of Accelerated Payment Technologies (APT). Prior to this, he served as Senior Vice President of APT, where he oversaw product, marketing, technology, and operations. As a part of APT, he was involved with a company that was acquired by Global Payments.

Gaylon Jowers, Jr. is the President of Global Payments’ Issuer Solutions business and a 28-year veteran of the payments industry. He has held significant leadership roles within TSYS, which combined with Global Payments in 2019. His responsibilities at TSYS included international business, debit, prepaid, loyalty, debt management, e-commerce, global account management and sales, corporate strategy, and marketing initiatives. His career journey includes serving as Senior EVP and President of International Services and Group Executive of Corporate Strategy, M&A, and Marketing at TSYS. He was involved with TSYS when it combined with Global Payments.

David L. Green is the Senior Executive Vice President, General Counsel, and Corporate Secretary at Global Payments. He oversees the company's legal and administrative functions, with expertise in corporate governance, legal compliance, and strategic legal initiatives. Mr. Green joined Global Payments in 2003 and has held various roles, including Senior Vice President and Division General Counsel. Before his tenure at Global Payments, he worked as a Litigation Associate at King & Spalding.

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The key risks to Global Payments' (GPN) business include:

1. Integration Risks and Business Transformation: Global Payments faces significant risks associated with the integration of acquired companies, particularly the Worldpay acquisition, and its ongoing business transformation and reorganization activities. These initiatives carry the potential for operational friction, underperformance, and a failure to achieve the expected growth benefits and cost savings within projected timeframes.
2. Intensifying Competition and Market Saturation: The digital payments landscape is characterized by increasing competition from fintech companies and embedded finance platforms, leading to the commoditization of merchant solutions. This competitive pressure, coupled with market saturation, can result in lower fees, faster deployment requirements, and ultimately erode GPN's profit margins.
3. Regulatory Uncertainty: Global Payments operates in a highly regulated industry, and stricter compliance requirements or changes in regulations (such as PSD3 and the emergence of Central Bank Digital Currencies) could negatively impact its business model and profitability.

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• Rise of Account-to-Account (A2A) and Real-time Payment (RTP) Systems: The increasing global adoption of real-time payment systems (e.g., FedNow in the US, SEPA Instant in Europe, PIX in Brazil, UPI in India) presents a clear emerging threat. These systems enable direct bank-to-bank transfers, often at a lower cost than traditional card-based transactions. As merchants and consumers increasingly embrace these rails, particularly for everyday payments, Global Payments' revenue streams, heavily reliant on processing card transactions and their associated fees, could face downward pressure and reduced transaction volumes.
• Increased Disintermediation and Competition from Big Tech and Integrated Fintech Platforms: Large technology companies like Apple and Google are expanding their direct involvement in payments (e.g., Apple's "Tap to Pay" on iPhone, Apple Pay Later), potentially bypassing traditional payment processors for merchant services. Simultaneously, agile fintech companies such as Stripe, Adyen, and Block (Square) continue to gain market share, particularly among digitally-native businesses and e-commerce, by offering highly integrated, API-first payment solutions that can be more flexible and cost-effective, challenging Global Payments' established merchant acquiring and processing services.

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Global Payments (GPN) is expected to drive future revenue growth over the next 2-3 years through several key strategic initiatives and operational enhancements:

1. Worldpay Acquisition and Focus on Pure-Play Merchant Solutions: Global Payments expects to close its acquisition of Worldpay and divestiture of Issuer Solutions in the first quarter of 2026. This transaction is anticipated to transform Global Payments into a pure-play merchant solutions provider, unlocking significant value creation opportunities through sustainable revenue growth, leading scale, focused investments, and meaningful synergies.
2. Expansion and Adoption of the Genius Platform: The company's Genius platform is demonstrating strong momentum, with significant monthly sales increases, over 20% year-over-year growth in sales to new locations during the third quarter, and a 75% increase in monthly recurring revenue from new sales from June to September. Global Payments plans international expansion of the Genius platform, including launches in the U.K., Austria, Germany, and additional European and Asia-Pacific markets into early 2026.
3. Organic Growth and Unification in Merchant Solutions: The merchant business is a key growth engine, with adjusted net revenue growth accelerating to 6% on a constant currency basis, excluding dispositions, in Q3 2025. Global Payments is unifying its merchant business worldwide, harmonizing products and capabilities, including point-of-sale (POS) solutions under the Genius brand, and leveraging vast distribution channels to extend them globally, with a focus on serving small and midsize businesses (SMBs) with a full suite of differentiated software and commerce enablement solutions.
4. Strategic Transformation and Operational Enhancements: Global Payments is implementing a broad transformation agenda to streamline and simplify its operating environment. These operational initiatives are projected to unlock more than $500 million of adjusted run-rate operating income benefits by the first half of 2027, which will support sustainable top-line and bottom-line growth.
5. Increased Direct Sales Force and Broader International Expansion: Beyond the Genius platform's specific international rollout, Global Payments anticipates additional growth through enabling indirect sales channels and plans to expand its direct sales force by approximately 500 representatives. The company is concentrating investments in a unified suite of products, capabilities, and platforms to pursue significant global opportunities and drive outsized returns.

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Capital Allocation Decisions of Global Payments (GPN) over the Last 3-5 Years:

1. Share Repurchases

• Global Payments plans to return $7.5 billion to shareholders over the next three years (2025-2027), with over $6 billion expected to be through repurchases.
• The company initiated a $250 million accelerated share repurchase (ASR) program in February 2025, expected to be completed by March 31, 2025.
• In the first half of 2025, Global Payments executed approximately $690 million in share repurchases.

2. Share Issuance

• The number of shares outstanding has consistently declined, from 0.276 billion in 2022 to 0.262 billion in 2023 (a 5.04% decrease), and further to 0.255 billion in 2024 (a 2.62% decrease).
• As of June 30, 2025, shares outstanding were approximately 0.244 billion, reflecting a 4.54% year-over-year decline.

4. Outbound Investments

• In March 2023, Global Payments completed the acquisition of EVO Payments, Inc. for approximately $4 billion.
• In April 2025, Global Payments announced definitive agreements to acquire Worldpay from GTCR and FIS for a net purchase price of $22.7 billion (total value of $24.25 billion including anticipated tax assets). This transaction is expected to close in the first quarter of 2026.
• Concurrently with the Worldpay acquisition, Global Payments agreed to divest its Issuer Solutions business to FIS for $13.5 billion.

5. Capital Expenditures

• Capital expenditures were $493.2 million in 2021, $615.7 million in 2022, and $658.1 million in 2023.
• Estimated capital expenditures for 2024 were $674.9 million, and are expected to be roughly $750 million in 2025, or approximately 8% of revenue.
• These expenditures are primarily focused on enhancing the company's payment technology, software solutions, and infrastructure across its business segments.