GLOBAL PAYMENTS INC 10-K

ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the shareholders and the Board of Directors of Global Payments Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Global Payments Inc. and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 20, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matters The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. Revenue Recognition - Issuer Solutions - Refer to Notes 1 and 3 to the financial statements . Critical Audit Matter Description The Company enters into long-term revenue contracts with its Issuer Solutions customers and the related revenues are included as a component of discontinued operations. Issuer Solutions customer contracts may include multiple promises, including processing services, loyalty redemption services and professional services to financial institutions and other financial services providers. The Company has determined that the processing services and loyalty redemption services represent stand-ready performance obligations comprising a series of distinct days of services that are substantially the same and have the same pattern of transfer to the customer. Professional services representing performance obligations are satisfied over time. We identified the determination of performance obligations for Issuer Solutions revenue contracts as a critical audit matter, given the judgment required to determine whether any unusual and/or complex terms within the contract are identified and 58 Table of Contents evaluated appropriately. A high degree of auditor judgment was required to evaluate the Company's identification of the performance obligations in the contract. How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to the Company's Issuer Solutions revenue transactions, specifically its identification of the performance obligations in contracts with its customers, included the following, among others: • We evaluated the effectiveness of controls over Issuer Solutions contract revenues, including controls over the identification of performance obligations. • We selected a sample of Issuer Solutions contracts and evaluated whether the performance obligations were appropriately identified in each of the selected contracts, including whether the promised services are capable of being distinct and are distinct in the context of the contract. Revenues - Payment processing services and solutions - Refer to Notes 1 and 3 to the financial statements . Critical Audit Matter Description The Company's revenues from its payment processing services and solutions, including revenues that are reported as a component of discontinued operations, consist of activity-based fees made up of a significant volume of low-dollar transactions, sourced from multiple systems and applications. The processing of transactions and recording of revenues is highly automated and is based on contractual terms with merchants, financial institutions, financial service providers, payment networks, and other parties. We identified payment processing solutions and services revenues as a critical audit matter given the increased extent of effort, including the need for us to involve professionals with expertise in information technology (IT), to identify, test, and evaluate the Company's systems, software applications, and automated controls. How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to the Company's systems to process payment services revenues included the following, among others: • With the assistance of our IT specialists, we: ◦ Identified the significant systems used to process revenue transactions and tested the general IT controls over each of these systems, including testing of user access controls, change management controls, and IT operations controls. ◦ Tested system interface controls and automated controls within the relevant revenue streams, as well as the controls designed to ensure the accuracy and completeness of revenues. • We tested controls within the relevant revenue business processes, including those in place to reconcile the various reports extracted from the IT systems to the Company’s general ledger. • We evaluated trends in recorded revenues, including interchange fees and payment network fees. • For a sample of revenue transactions, we tested selected transactions by agreeing the amounts of revenue recognized to source documents and tested the mathematical accuracy of the recorded revenues. • We developed independent expectations of certain revenue streams and compared these to amounts recorded by the Company. /s/ Deloitte & Touche LLP Atlanta, Georgia February 20, 2026 We have served as the Company's auditor since 2002. 59 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the shareholders and the Board of Directors of Global Payments Inc. Opinion on Internal Control over Financial Reporting We have audited the internal control over financial reporting of Global Payments Inc. and subsidiaries (the "Company") as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by COSO. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2025, of the Company and our report dated February 20, 2026, expressed an unqualified opinion on those financial statements. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Deloitte & Touche LLP Atlanta, Georgia February 20, 2026 60 Table of Contents GLOBAL PAYMENTS INC. CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) Years Ended December 31, 2025 2024 2023 Revenues $ 7,705,878 $ 7,735,970 $ 7,379,784 Operating expenses: Cost of service 2,113,381 2,033,471 2,068,295 Selling, general and administrative 4,120,631 4,001,133 3,859,131 Impairment of goodwill 33,218 — — Net (gain) loss on business dispositions ( 315,976 ) ( 273,134 ) 136,744 5,951,254 5,761,470 6,064,170 Operating income 1,754,624 1,974,500 1,315,614 Interest and other income 155,138 158,692 110,966 Interest and other expense ( 649,643 ) ( 602,876 ) ( 644,918 ) ( 494,505 ) ( 444,184 ) ( 533,952 ) Income from continuing operations before income taxes and equity in income of equity method investments 1,260,119 1,530,316 781,662 Income tax expense 251,557 241,513 186,517 Income from continuing operations before equity in income of equity method investments 1,008,562 1,288,803 595,145 Equity in income of equity method investments, net of tax 120,114 70,180 67,452 Income from continuing operations 1,128,676 1,358,983 662,597 Income from discontinued operations, net of tax 327,371 285,170 366,226 Net income 1,456,047 1,644,153 1,028,823 Net income attributable to noncontrolling interests ( 55,940 ) ( 73,788 ) ( 42,590 ) Net income attributable to Global Payments $ 1,400,107 $ 1,570,365 $ 986,233 Basic earnings per share attributable to Global Payments: Continuing operations $ 4.44 $ 5.06 $ 2.38 Discontinued operations 1.35 1.12 1.40 Total basic earnings per share attributable to Global Payments $ 5.79 $ 6.18 $ 3.78 Diluted earnings per share attributable to Global Payments: Continuing operations $ 4.43 $ 5.04 $ 2.37 Discontinued operations 1.35 1.12 1.40 Total diluted earnings per share attributable to Global Payments $ 5.78 $ 6.16 $ 3.77 See Notes to Consolidated Financial Statements. 61 Table of Contents GLOBAL PAYMENTS INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) Years Ended December 31, 2025 2024 2023 Net income $ 1,456,047 $ 1,644,153 $ 1,028,823 Other comprehensive income (loss): Foreign currency translation adjustments 648,934 ( 433,849 ) 211,310 Income tax benefit (expense) related to foreign currency translation adjustments ( 5,083 ) 4,993 4,131 Net unrealized gains (losses) on hedging activities ( 64,561 ) 34,399 ( 19,683 ) Reclassification of net unrealized losses (gains) on hedging activities to interest expense 5,345 ( 8,731 ) ( 4,609 ) Income tax benefit (expense) related to hedging activities 14,421 ( 6,227 ) 5,853 Other, net of tax 240 141 439 Other comprehensive income (loss) 599,296 ( 409,274 ) 197,441 Comprehensive income 2,055,343 1,234,879 1,226,264 Comprehensive income attributable to noncontrolling interests ( 168,451 ) ( 19,320 ) ( 92,987 ) Comprehensive income attributable to Global Payments $ 1,886,892 $ 1,215,559 $ 1,133,277 See Notes to Consolidated Financial Statements. 62 Table of Contents GLOBAL PAYMENTS INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share data) December 31, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 8,336,402 $ 2,356,470 Accounts receivable, net 784,174 787,687 Settlement processing assets 1,476,543 1,599,390 Prepaid expenses and other current assets 802,018 550,083 Current assets of discontinued operations 1,203,534 737,602 Total current assets 12,602,671 6,031,232 Goodwill 17,076,624 17,027,574 Other intangible assets, net 4,231,227 4,614,172 Property and equipment, net 1,501,763 1,421,268 Deferred income taxes 171,430 98,386 Notes receivable 816,810 772,297 Other noncurrent assets 1,868,788 1,851,788 Noncurrent assets of discontinued operations 15,069,171 15,073,538 Total assets $ 53,338,484 $ 46,890,255 LIABILITIES AND EQUITY Current liabilities: Settlement lines of credit $ 345,007 $ 503,407 Current portion of long-term debt 1,920,792 1,018,327 Accounts payable and accrued liabilities 2,660,136 2,836,301 Settlement processing obligations 1,720,608 1,518,541 Current liabilities of discontinued operations 810,301 376,138 Total current liabilities 7,456,844 6,252,714 Long-term debt 19,541,512 15,079,453 Deferred income taxes 1,605,504 1,584,421 Other noncurrent liabilities 522,121 550,445 Noncurrent liabilities of discontinued operations 433,022 406,655 Total liabilities 29,559,003 23,873,688 Commitments and contingencies Redeemable noncontrolling interests 201,003 160,623 Equity: Preferred stock, no par value; 5,000,000 shares authorized and none issued — — Common stock, no par value; 400,000,000 shares authorized at December 31, 2025 and 2024; 236,692,592 shares issued and outstanding at December 31, 2025, and 248,708,899 shares issued and outstanding at December 31, 2024 — — Paid-in capital 17,078,652 18,118,942 Retained earnings 5,936,322 4,774,736 Accumulated other comprehensive loss ( 126,207 ) ( 612,992 ) Total Global Payments shareholders’ equity 22,888,767 22,280,686 Nonredeemable noncontrolling interests 689,711 575,258 Total equity 23,578,478 22,855,944 Total liabilities, redeemable noncontrolling interests and equity $ 53,338,484 $ 46,890,255 See Notes to Consolidated Financial Statements. 63 Table of Contents GLOBAL PAYMENTS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Years Ended December 31, 2025 2024 2023 Cash flows from operating activities: Net income $ 1,456,047 $ 1,644,153 $ 1,028,823 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization of property and equipment 418,837 493,003 458,157 Amortization of acquired intangibles 996,540 1,369,328 1,318,535 Amortization of capitalized contract costs 127,730 138,051 123,405 Share-based compensation expense 153,647 164,244 208,994 Provision for operating losses and credit losses 78,773 81,018 97,103 Noncash lease expense 45,466 58,728 65,307 Deferred income taxes ( 82,040 ) ( 346,228 ) ( 499,974 ) Paid-in-kind interest capitalized to principal of notes receivable ( 59,356 ) ( 74,139 ) ( 46,524 ) Equity in income of equity method investments, net of tax ( 120,013 ) ( 70,499 ) ( 67,896 ) Distributions received on investments 35,831 32,849 18,267 Impairment of goodwill 33,218 — — Technology asset charge — 55,808 — Net (gain) loss on business dispositions ( 155,527 ) ( 273,134 ) 136,744 Other, net 74,096 45,787 71,063 Changes in operating assets and liabilities, net of the effects of business combinations and dispositions: Accounts receivable ( 33,274 ) ( 10,443 ) ( 78,647 ) Prepaid expenses and other assets ( 173,369 ) ( 221,447 ) ( 289,826 ) Accounts payable and other liabilities ( 140,014 ) ( 29,496 ) 6,274 Net cash provided by operating activities 2,656,592 3,057,583 2,549,805 Cash flows from investing activities: Business combinations and other acquisitions, net of cash and restricted cash acquired ( 352,090 ) ( 487,056 ) ( 4,225,610 ) Capital expenditures ( 617,769 ) ( 674,917 ) ( 658,142 ) Issuance of notes receivable — — ( 50,000 ) Payments received on notes receivable 17,500 — 50,000 Net cash from sales of businesses 713,136 962,435 479,067 Proceeds from sales of investments 8,926 19,008 42,135 Other, net — 6,639 1,438 Net cash used in investing activities ( 230,297 ) ( 173,891 ) ( 4,361,112 ) Cash flows from financing activities: Changes in funds held for customers ( 50,983 ) 136,759 44,834 Changes in settlement processing assets and obligations, net 432,122 338,341 ( 345,898 ) Net (repayments) borrowings from settlement lines of credit ( 201,874 ) ( 442,713 ) 220,682 Net (repayments) borrowings from commercial paper notes — ( 1,367,859 ) 1,367,859 Proceeds from long-term debt 12,300,948 9,635,049 10,336,850 Repayments of long-term debt ( 7,207,564 ) ( 8,334,846 ) ( 9,099,938 ) Payments of debt issuance costs ( 88,110 ) ( 33,056 ) ( 12,735 ) Repurchases of common stock ( 1,191,020 ) ( 1,551,950 ) ( 418,272 ) Proceeds from stock issued under share-based compensation plans 30,773 43,009 60,345 Common stock repurchased - share-based compensation plans ( 39,635 ) ( 56,229 ) ( 41,225 ) Purchase of subsidiary shares from noncontrolling interest — ( 108,770 ) — Distributions to noncontrolling interests ( 58,459 ) ( 38,086 ) ( 32,997 ) Contributions from noncontrolling interests 44,841 4,044 26,205 Payment of deferred and contingent consideration in business combination — ( 6,390 ) ( 5,222 ) Purchase of capped calls related to issuance of convertible notes — ( 256,250 ) — Dividends paid ( 238,521 ) ( 252,811 ) ( 260,431 ) Net cash provided by (used in) financing activities 3,732,518 ( 2,291,758 ) 1,840,057 Effect of exchange rate changes on cash, cash equivalents and restricted cash 221,626 ( 112,834 ) 12,519 Increase in cash, cash equivalents and restricted cash 6,380,439 479,100 41,269 Cash, cash equivalents and restricted cash, beginning of the period 2,735,975 2,256,875 2,215,606 Cash, cash equivalents and restricted cash, end of the period $ 9,116,414 $ 2,735,975 $ 2,256,875 See Notes to Consolidated Financial Statements. 64 Table of Contents GLOBAL PAYMENTS INC. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (in thousands, except per share data) Shareholders' Equity Number of Shares Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Global Payments Shareholders’ Equity Nonredeemable Noncontrolling Interests Total Equity Redeemable Noncontrolling Interests Balance at December 31, 2024 248,709 $ 18,118,942 $ 4,774,736 $ ( 612,992 ) $ 22,280,686 $ 575,258 $ 22,855,944 $ 160,623 Net income 1,400,107 1,400,107 50,739 1,450,846 5,201 Other comprehensive income 486,785 486,785 90,518 577,303 21,993 Stock issued under share-based compensation plans 1,539 30,773 30,773 30,773 Common stock repurchased - share-based compensation plans ( 384 ) ( 39,444 ) ( 39,444 ) ( 39,444 ) Share-based compensation expense 153,647 153,647 153,647 Repurchases of common stock ( 13,171 ) ( 1,185,266 ) ( 1,185,266 ) ( 1,185,266 ) Distributions to noncontrolling interests — ( 58,459 ) ( 58,459 ) Contributions from noncontrolling interests — 31,655 31,655 13,186 Cash dividends declared ($ 1.00 per common share) ( 238,521 ) ( 238,521 ) ( 238,521 ) Balance at December 31, 2025 236,693 $ 17,078,652 $ 5,936,322 $ ( 126,207 ) $ 22,888,767 $ 689,711 $ 23,578,478 $ 201,003 Shareholders' Equity Number of Shares Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Global Payments Shareholders’ Equity Nonredeemable Noncontrolling Interests Total Equity Redeemable Noncontrolling Interests Balance at December 31, 2023 260,383 $ 19,800,953 $ 3,457,182 $ ( 258,925 ) $ 22,999,210 $ 280,340 $ 23,279,550 $ 507,965 Net income 1,570,365 1,570,365 51,381 1,621,746 22,407 Other comprehensive loss ( 354,806 ) ( 354,806 ) ( 39,636 ) ( 394,442 ) ( 14,832 ) Stock issued under share-based compensation plans 1,508 43,009 43,009 43,009 Common stock repurchased - share-based compensation plans ( 452 ) ( 57,092 ) ( 57,092 ) ( 57,092 ) Share-based compensation expense 164,244 164,244 164,244 Repurchases of common stock ( 12,730 ) ( 1,565,688 ) ( 1,565,688 ) ( 1,565,688 ) Distributions to noncontrolling interests — ( 38,086 ) ( 38,086 ) Contributions from noncontrolling interests — 89 89 3,955 Purchase of subsidiary shares from noncontrolling interests ( 71,807 ) 739 ( 71,068 ) ( 37,702 ) ( 108,770 ) Reclassification of redeemable noncontrolling interest to nonredeemable noncontrolling interest — 358,872 358,872 ( 358,872 ) Purchase of capped calls related to issuance of convertible notes, net of taxes of $ 61,573 ( 194,677 ) ( 194,677 ) ( 194,677 ) Cash dividends declared ($ 1.00 per common share) ( 252,811 ) ( 252,811 ) ( 252,811 ) Balance at December 31, 2024 248,709 $ 18,118,942 $ 4,774,736 $ ( 612,992 ) $ 22,280,686 $ 575,258 $ 22,855,944 $ 160,623 See Notes to Consolidated Financial Statements. 65 Table of Contents GLOBAL PAYMENTS INC. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (in thousands, except per share data) Shareholders' Equity Number of Shares Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Global Payments Shareholders’ Equity Nonredeemable Noncontrolling Interests Total Equity Redeemable Noncontrolling Interests Balance at December 31, 2022 263,082 $ 19,978,095 $ 2,731,380 $ ( 405,969 ) $ 22,303,506 $ 236,704 $ 22,540,210 $ — Net income 986,233 986,233 41,104 1,027,337 1,486 Other comprehensive income 147,044 147,044 8,745 155,789 41,652 Stock issued under share-based compensation plans 1,733 60,345 60,345 60,345 Common stock repurchased - share-based compensation plans ( 367 ) ( 41,011 ) ( 41,011 ) ( 41,011 ) Share-based compensation expense 208,994 208,994 208,994 Redeemable noncontrolling interests acquired in a business combination — — 471,119 Share-based awards granted in connection with a business combination 2,484 2,484 2,484 Repurchases of common stock ( 4,065 ) ( 413,667 ) ( 413,667 ) ( 413,667 ) Distributions to noncontrolling interests — ( 26,705 ) ( 26,705 ) ( 6,292 ) Sale of subsidiary shares to noncontrolling interest 5,713 5,713 20,492 26,205 Cash dividends declared ($ 1.00 per common share) ( 260,431 ) ( 260,431 ) ( 260,431 ) Balance at December 31, 2023 260,383 $ 19,800,953 $ 3,457,182 $ ( 258,925 ) $ 22,999,210 $ 280,340 $ 23,279,550 $ 507,965 See Notes to Consolidated Financial Statements. 66 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1— BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business, consolidation and presentation - We are 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. Global Payments Inc. and its consolidated subsidiaries are referred to herein collectively as "Global Payments," the "Company," "we," "our" or "us," unless the context requires otherwise. On January 9, 2026, we acquired 100 % of Worldpay Holdco, LLC (“Worldpay”) from Fidelity National Information Services, Inc. (“FIS”) and affiliates of GTCR LLC (“GTCR”) and divested our Issuer Solutions business to FIS. Worldpay is an industry-leading payments technology and solutions company. The transaction simplifies our business model and positions Global Payments as a leading pure play commerce solutions provider for merchants of all sizes with extensive global scale. Consideration paid to GTCR for its ownership interest in Worldpay consisted of (1) approximately $ 6.2 billion in cash and (2) 43.3 million shares of Global Payments common stock. Consideration received for the divestiture of our Issuer Solutions business consisted of (1) approximately $ 7.7 billion in cash and (2) FIS’ ownership interest in Worldpay. The acquisition of Worldpay and divestiture of our Issuer Solutions business occurred simultaneously. Both transactions are subject to customary working capital and other adjustments. We are providing certain transition services to support the Issuer Solutions business as it is integrated with FIS and are also receiving certain transition services from FIS in support of our integration of Worldpay. The financial results of Worldpay will be consolidated by the Company beginning as of the acquisition date. The transaction will be accounted for as a business combination, and the analysis to determine the fair value of the total consideration transferred and the acquisition-date fair values of the major classes of assets acquired and liabilities assumed is currently underway. We analyzed quantitative and qualitative factors relevant to the Issuer Solutions disposal group and determined that the accounting criteria to be classified as held for sale and a discontinued operation were met. Accordingly, the operating results of the Issuer Solutions business have been reflected as discontinued operations for all periods presented. The assets and liabilities of the disposal group are presented separately on the consolidated balance sheets for all periods presented. Our consolidated statements of cash flows includes cash flows from discontinued operations for all periods presented. Unless otherwise indicated, all disclosures in the notes to the consolidated financial statements reflect only our continuing operations. Our Issuer Solutions business was historically presented as a reportable segment. For additional information related to the divestiture of Issuer Solutions, see "Note 3—Business Dispositions and Discontinued Operations." In the fourth quarter of 2025, we determined certain components previously presented as discontinued operations no longer met the criteria to be presented as held for sale since management's plans related to those components had been revised. As a result, the related operating results, assets and liabilities of these components are presented in continuing operations in our consolidated financial statements for all periods presented. Additionally, as described in "Note 3—Business Dispositions and Discontinued Operations," during the second quarter of 2023, we completed the sale of the consumer portion of our Netspend business, which comprised our former Consumer Solutions segment. Our consolidated financial statements include the results of our former Consumer Solutions segment for periods prior to disposition. See "Note 18—Segment Information" in the notes to the accompanying consolidated financial statements for additional information about our segment. 67 Table of Contents In 2025, we elected to change our presentation of cash flows associated with "Changes in settlement processing assets and obligations, net" and "Changes in funds held for customers" from operating activities to financing activities within our consolidated statements of cash flows. The change has been applied retrospectively, and the prior periods have been conformed to the current period presentation. This change had no effect on our consolidated statements of income, consolidated statements of comprehensive income, consolidated balance sheets or consolidated statements of changes in equity. The change in presentation resulted in the following changes: • a decrease in net cash provided by operating activities and a decrease in net cash used in financing activities of $ 475.1 million for the year ended December 31, 2024, and • an increase in net cash provided by operating activities and a decrease in net cash provided by financing activities of $ 301.1 million for the year ended December 31, 2023. In 2025, we also elected to change the presentation of disaggregated revenues in our Merchant Solutions segment from distribution channels to service lines. The change has been applied retrospectively, and the prior periods have been conformed to the current period presentation. This change had no effect on our consolidated statements of income, consolidated statements of comprehensive income, consolidated balance sheets, consolidated statements of cash flows or consolidated statements of changes in equity. See "Note 4—Revenues" for our disaggregated revenue disclosures. These consolidated financial statements include our accounts and those of our majority-owned subsidiaries, and all intercompany balances and transactions have been eliminated in consolidation. Investments in entities that we do not control are accounted for using the equity or cost method, based on whether or not we have the ability to exercise significant influence over operating and financial policies. These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). Use of estimates - The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reported period. Actual results could differ materially from those estimates. In particular, uncertainty resulting from global events and other macroeconomic conditions are difficult to predict, and the ultimate effect could result in additional charges related to the recoverability of assets, including financial assets, long-lived assets and goodwill and other losses. These consolidated financial statements reflect the financial statement effects based upon management’s estimates and assumptions utilizing the most currently available information. Recently adopted accounting pronouncements Accounting Standards Update ("ASU") 2023-09 - In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, "Income Taxes (Topic 740): Improvement to Income Tax Disclosures," which is intended to enhance the transparency and decision usefulness of income tax information through improvements to income tax disclosures, primarily related to the rate reconciliation and information regarding income taxes paid. We adopted ASU 2023-09 effective December 31, 2025 and applied it retrospectively to all periods presented in the financial statements. The adoption resulted in expanded disclosures of the components of the reconciliation between income tax expense and statutory expectations as well as expanded disclosures of income taxes paid. See "Note 12—Income Tax" for further information. 68 Table of Contents Recently issued accounting pronouncement not yet adopted ASU 2025-09 - In November 2025, the FASB issued ASU 2025-09, "Derivatives and Hedging (Topic 815) Hedge Accounting Improvements," which provides improvements to the guidance for five specific matters: (i) similar risk assessment for cash flow hedges, (ii) hedging interest payments on choose-your-rate debt, (iii) cash flow hedges of nonfinancial forecasted transactions, (iv) net written options as hedging instruments, and (v) foreign currency denominated debt instrument designated hedges. The amendments in this update are effective for annual periods beginning after December 15, 2026. Early adoption is permitted. The amendments should be applied prospectively for all hedging relationships. We are evaluating the potential effects of ASU 2025-09 on our consolidated financial statements and related disclosures. ASU 2025-06 - In September 2025, the FASB issued ASU 2025-06, "Targeted Improvements to the Accounting for Internal-Use Software," which simplifies the capitalization guidance by removing all references to software development project stages, so that the guidance is neutral to different software development methods. The amendments in this update are effective for annual periods beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied either retrospectively, prospectively to software costs incurred after the adoption date or on a modified prospective basis. We are evaluating the potential effects of ASU 2025-06 on our consolidated financial statements and related disclosures. ASU 2024-03 - In November 2024, the FASB issued ASU 2024-03, " Disaggregation of Income Statement Expenses," which requires disclosure in the notes to financial statements of specified information about certain costs and expenses. The amendments in this update are effective for fiscal years beginning after December 15, 2026. Early adoption is permitted. The amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date of this update or retrospectively to any or all prior periods presented in the financial statements. We are evaluating the potential effects of ASU 2024-03 on our consolidated financial statements. Revenue recognition - At contract inception, we assess the goods and services promised in our contracts with customers and identify a performance obligation for each promise to transfer to the customer a good or service that is distinct. In accordance with ASC 606, we recognize revenue when a customer obtains control of promised goods and services. The amount of revenue recognized reflects the consideration to which we expect to be entitled to receive in exchange for these goods and services. Merchant Solutions. Our customers in the Merchant Solutions segment contract with us for payment services, which we provide in exchange for consideration for completed transactions. Our payment solutions are similar around the world in that we enable our customers to accept card, check and digital-based payments. Our comprehensive offerings include, but are not limited to, authorization, settlement and funding services, customer support, chargeback resolution, payment security services, consolidated billing and reporting. In addition, we may sell or lease point-of-sale terminals or other equipment to customers. For our payment services, the nature of our promise to the customer is that we stand ready to process transactions the customer requests on a daily basis over the contract term. Since the timing and quantity of transactions to be processed by us is not determinable, we view payment services to comprise an obligation to stand ready to process as many transactions as the customer requests. Under a stand-ready obligation, the evaluation of the nature of our performance obligation is focused on each time increment rather than the underlying activities. Therefore, we view payment services to comprise a series of distinct days of service that are substantially the same and have the same pattern of transfer to the customer. Accordingly, the promise to stand ready is accounted for as a single series performance obligation. 69 Table of Contents In order to provide our payment services, we route and clear each transaction through the applicable payment network. We obtain authorization for the transaction and request funds settlement from the card issuing financial institution through the payment network. When third parties are involved in the transfer of goods or services to our customer, we consider the nature of each specific promised good or service and apply judgment to determine whether we control the good or service before it is transferred to the customer or whether we are acting as an agent of the third party. To determine whether or not we control the good or service before it is transferred to the customer, we assess indicators including which party is primarily responsible for fulfillment and which party has discretion in determining pricing for the good or service, as well as other considerations. Based on our assessment of these indicators, we have concluded that our promise to our customer to provide our payment services is distinct from the services provided by the card issuing financial institutions and payment networks in connection with payment transactions. We do not have the ability to direct the use of and obtain substantially all of the benefits of the services provided by the card issuing financial institutions and payment networks before those services are transferred to our customer, and on that basis, we do not control those services prior to being transferred to our customer. As a result, we present our revenues net of the interchange fees retained by the card issuing financial institutions and the fees charged by the payment networks. The majority of our payment services are priced as a percentage of transaction value or a specified fee per transaction, depending on the card type. We also charge other per occurrence fees for specific services that may be unrelated to the number of transactions or transaction value. Given the nature of the promise and the underlying fees based on unknown quantities or outcomes of services to be performed over the contract term, the total consideration is determined to be variable consideration. The variable consideration for our payment service is usage-based and, therefore, it specifically relates to our efforts to satisfy our payment services performance obligation. The variability is satisfied each day the service is provided to the customer. We directly ascribe variable fees to the distinct day of service to which it relates, and we consider the services performed each day in order to ascribe the appropriate amount of total fees to that day. Therefore, we measure revenues for our payment service on a daily basis based on the services that are performed on that day. Certain of our technology-enabled customer arrangements contain multiple promises, such as payment services, perpetual software licenses, software-as-a-service ("SaaS"), maintenance, installation services, training and equipment, each of which is evaluated to determine whether it represents a separate performance obligation. SaaS arrangements are generally offered on a subscription basis, providing the customers with access to the SaaS platform along with general support and maintenance services. Because these promised services within our SaaS arrangements are delivered concurrently over the contract term, we account for these promises as if they are a single performance obligation that includes a series of distinct services with the same pattern of transfer to the customer. In addition, certain implementation services are not considered distinct from the SaaS and are recognized over the expected period of benefit. Once we determine the performance obligations and the transaction price, including an estimate of any variable consideration, we then allocate the transaction price to each performance obligation in the contract using a relative standalone selling price method. We determine standalone selling price based on the price at which the good or service is sold separately. If the standalone selling price is not observable through past transactions, we estimate the standalone selling price by considering all reasonably available information, including market conditions, trends or other company- or customer-specific factors. Substantially all of the performance obligations within our SaaS arrangements described above are satisfied over time. We satisfy the combined SaaS performance obligation by standing ready to provide access to the SaaS. Consideration for SaaS arrangements may consist of fixed or usage-based fees. Revenue is recognized over the period for which the services are provided or by directly ascribing any variable fees to the distinct day of service based on the services that are performed on that day. The performance obligations associated with equipment sales, perpetual software licenses and certain professional services are generally satisfied at a point in time when they are transferred to the customer. For certain other professional services that represent separate performance obligations, we generally use the input method and recognize revenue based on the number of hours incurred or services performed to date in relation to the total services expected to be required to satisfy the performance obligation. 70 Table of Contents Issuer Solutions. Issuer Solutions revenues, presented in discontinued operations, are primarily derived from long-term contracts with financial institutions and other financial service providers. Issuer Solutions customer contracts typically include an obligation to provide processing services to those customers. Payment processing services revenues are generated primarily from charges based on the number of accounts on file, transactions and authorizations processed, statements generated and/or mailed, managed services, cards embossed and mailed, and other processing services for cardholder accounts on file. Most of the customer contracts have prescribed annual minimums, penalties for early termination, and service level agreements that may affect contractual fees if specific service levels are not achieved. We have determined that these processing services represent a stand-ready obligation comprising a series of distinct days of services that are substantially the same and have the same pattern of transfer to the customer. Certain of the Issuer Solutions contracts also include additional performance obligations relating to loyalty redemption services and other professional services. Similar to processing services, we have determined that loyalty redemption services represent a stand-ready obligation comprising a series of distinct days of service that are substantially the same and have the same pattern of transfer to the customer. To the extent a contract includes multiple promised services, we must apply judgment to determine whether promised services are capable of being distinct and are distinct in the context of the contract. If these criteria for being distinct are not met, the promised services are combined and accounted for as a single performance obligation. The performance obligations to provide processing services and loyalty redemption services include variable consideration. The variable consideration for our services is usage-based and, therefore, it specifically relates to our efforts to satisfy our services performance obligation. The variability is satisfied each day the service is provided to the customer. We directly ascribe variable fees to the distinct day of service to which it relates, and we consider the services performed each day in order to ascribe the appropriate amount of total fees to that day. Therefore, we measure revenues for our services on a daily basis based on the services that are performed on that day. Professional services performance obligations are satisfied over time. For professional services, we recognize revenue based on the labor hours incurred for time and materials projects or on a straight-line basis for fixed-fee projects. In some cases, we pay certain of our customers a signing incentive at contract inception or renewal. Consideration paid to customers is accounted for as a reduction of the transaction price and recognized as a reduction in revenues as the related services are provided to the customer, typically over the contract term. The deferred portion of consideration paid to customers is classified within other assets in our consolidated balance sheets. Other Issuer Solutions customer arrangements provide business-to-business ("B2B") payment services, consisting of a stand-ready obligation to process financial transactions for which revenue is recognized on a daily basis based on the services that are performed on that day. Certain customer contracts also include subscription based SaaS arrangements that automate key procurement processes and enable virtual cards and integrated payments options, for which revenue is recognized over time on a ratable basis over the contract term beginning on the date that the services are first made available to the customer. Consumer Solutions. During the second quarter of 2023, we completed the sale of the consumer portion of our Netspend business, which comprised our former Consumer Solutions segment. For the periods prior to disposition, our Consumer Solutions arrangements included a stand-ready performance obligation to provide account access and facilitate purchase transactions. Revenues principally consisted of fees collected from cardholders and fees generated by cardholder activity in connection with the programs that we managed. Customers were typically charged a fee for each purchase transaction made using their cards, unless the customer was on a monthly or annual service plan, in which case the customer was instead charged a monthly or annual subscription fee, as applicable. Customers were also charged a monthly maintenance fee after a specified period of inactivity. We also charged fees associated with additional services offered in connection with our accounts, including the use of overdraft features, a variety of bill payment options, card replacement, foreign exchange and card-to-card transfers of funds initiated through our call centers. 71 Table of Contents We determined that we had a right to consideration from a customer in an amount that corresponded directly with our performance completed to date. As a result, we recognized revenue in the amount to which we had a right to invoice. Revenues were recognized net of fees charged by the payment networks for services they provided in processing transactions routed through them. Cash, cash equivalents and restricted cash - Cash and cash equivalents include cash on hand and all liquid investments with a maturity of three months or less when purchased. We consider certain portions of our cash and cash equivalents to be unrestricted but not available for general purposes. The amount of cash that we consider to be available for general purposes (inclusive of discontinued operations), $ 980.7 million and $ 1,067.5 million as of December 31, 2025 and 2024, respectively, does not include the following: (i) settlement-related cash balances, (ii) funds held as collateral for merchant losses ("Merchant Reserves"), (iii) funds held for customers and (iv) proceeds from our November Senior Notes offering which were reserved to fund our planned acquisition of Worldpay. Settlement-related cash balances represent funds that we hold when the incoming amount from the card networks precedes the funding obligation to the merchant. Settlement-related cash balances are not restricted in their use; however, these funds are generally paid out in satisfaction of a processing obligation the following day. Merchant Reserves serve as collateral to minimize contingent liabilities associated with any losses that may occur under the merchant agreement. We recognize a corresponding liability in settlement processing assets and settlement processing obligations in our consolidated balance sheets. While this cash is not restricted in its use, we believe that designating this cash as Merchant Reserves strengthens our fiduciary standing with financial institutions that sponsor us. Funds held for customers, which are not restricted in their use, include amounts collected before the corresponding obligation is due to be settled to or at the direction of our customers. Restricted cash includes amounts that cannot be withdrawn or used for general operating activities under legal or regulatory restrictions. Restricted cash consists of amounts deposited by customers for prepaid card transactions, funds held as a liquidity reserve that are subject to local regulatory restrictions requiring appropriate segregation and restriction in their use, and amounts held in escrow on our behalf by a third party. Restricted cash is included in prepaid expenses and other current assets in the consolidated balance sheets. We regularly maintain cash balances with financial institutions in excess of the Federal Deposit Insurance Corporation insurance limit or the equivalent outside the U.S. As of December 31, 2025 , approximately 75 % of our total balance of cash and cash equivalents (inclusive of discontinued operations) was held within a small group of financial institutions, primarily large money center banks. Although we currently believe that the financial institutions with whom we do business will be able to fulfill their commitments to us, there is no assurance that those institutions will be able to continue to do so. We have not experienced any losses associated with our balances in such accounts for the years ended December 31, 2025, 2024 or 2023 . A reconciliation of the amounts of cash and cash equivalents and restricted cash in the consolidated balance sheets to the amount in the consolidated statements of cash flows is as follows: December 31, 2025 2024 (in thousands) Cash and cash equivalents of continuing operations $ 8,336,402 $ 2,356,470 Restricted cash of continuing operations 376,323 197,559 Cash, cash equivalents and restricted cash of discontinued operations 403,689 181,946 Cash, cash equivalents and restricted cash shown in the statement of cash flows $ 9,116,414 $ 2,735,975 Accounts receivable, contract assets and contract liabilities - A contract with a customer creates legal rights and obligations. As we perform under customer contracts, our right to consideration that is unconditional is considered to be accounts receivable. If our right to consideration for such performance is contingent upon a future event or satisfaction of additional performance obligations, the amount of revenues we have recognized in excess of the amount we have billed to the customer is recognized as a contract asset. Contract liabilities represent consideration received from customers in excess of revenues recognized. Contract assets and liabilities are presented net at the individual contract level in the consolidated balance sheet and are classified as current or noncurrent based on the nature of the underlying contractual rights and obligations. See 72 Table of Contents "Note 4 — Revenues" for further information. Allowance for credit losses on accounts receivable - We are exposed to credit losses on accounts receivable balances. We utilize a combination of aging and loss-rate methods to develop an estimate of current expected credit losses, depending on the nature and risk profile of the underlying asset pool. A broad range of information is considered in the estimation process, including historical loss information adjusted for current conditions and expectations of future trends. The estimation process also includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing of payment, contract terms and conditions, changes in specific customer risk profiles or mix of customers, geographic risk, indust ry or economic trends and relevant environmental factors. Accounts receivable is presented net of an allowance for credit losses of $ 50.2 million and $ 24.0 million as of December 31, 2025 and 2024, respectively. The measurement of the allowance for credit losses on accounts receivable is recognized through credit loss expense and is included as a component of selling, general and administrative expenses in our consolidated statements of income. We recognized credit loss expense of $ 27.2 million , $ 25.8 million and $ 23.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. Write-offs are recognized in the period in which the asset is deemed to be uncollectible. Recoveries are recognized when received as a direct credit to the credit loss expense. Revenues are recognized net of estimated billing adjustments. Adjustments to customer invoic es are charged against the allowance for billing adjustments. Contract costs - We capitalize certain costs to obtain contracts with customers, including employee sales commissions and fees to business partners. At contract inception, we capitalize costs incurred that we expect to recover and that would not have been incurred if the contract had not been obtained. In certain instances in which costs related to obtaining customers are incurred after the inception of the customer contract, such costs are capitalized as the corresponding liability is recognized. We also capitalize certain costs incurred to fulfill our contracts with customers that (i) relate directly to the contract, (ii) are expected to generate resources that will be used to satisfy our performance obligation under the contract and (iii) are expected to be recovered through revenues generated under the contract. Capitalized costs to obtain and to fulfill contracts are included in other noncurrent assets. Contract costs are amortized to operating expense in our consolidated statements of income on a systematic basis consistent with the transfer to the customer of the goods or services to which the asset relates. Amortization of capitalized costs to obtain customer contracts is included in selling, general and administrative expenses in the consolidated statements of income, while amortization of capitalized costs to fulfill customer contracts is included in cost of services. We utilize a straight-line or proportional amortization method depending upon which method best depicts the pattern of transfer of the goods or services to the customer. We amortize these assets over the expected period of benefit, which, based on the factors noted above, is typically three to seven years . In order to determine the appropriate amortization period for capitalized contract costs, we consider a combination of factors, including customer attrition rates, estimated terms of customer relationships, the useful lives of technology we use to provide goods and services to our customers, whether future contract renewals are expected and if there is any incremental commission expected to be paid associated with a contract renewal. Costs to obtain a contract with an expected period of benefit of one year or less are recognized as an expense when incurred. We evaluate contract costs for impairment by comparing, on a pooled basis, the expected future net cash flows from underlying customer relationships to the carrying amount of the capitalized contract costs. See "Note 4 — Revenues" for further information. Up-front distributor and partner payments - We capitalize certain up-front contractual payments to third-party distributors and partners and recognize the capitalized amount as expense ratably over the period of benefit, which is generally the contract period. If the contract requires the distributor or partner to perform specific acts and no other conditions exist for the distributor or partner to earn or retain the up-front payment, then we recognize the capitalized amount as an expense when the performance conditions have been met. Up-front distributor and partner payments are classified in our consolidated balance sheets within prepaid expenses and other current assets and other noncurrent assets and the related expense is reported within selling, general and administrative expenses in our consolidated statements of income. 73 Table of Contents Settlement processing assets and obligations - Funds settlement refers to the process in our Merchant Solutions segment of transferring funds between card issuers and merchants for merchant sales and credits processed on our systems. We use our internal network to provide funding instructions to financial institutions that in turn fund the merchants. We process funds settlement under two models, a sponsorship model and a direct membership model. Under the sponsorship model, we are designated as an independent sales organization by Mastercard and Visa, which means that member clearing banks ("Member") sponsor us and require our adherence to the standards of the payment networks. In certain markets, we have sponsorship or depository and clearing agreements with financial institution sponsors. These agreements allow us to route transactions under the Members' control and identification numbers to clear credit card transactions through Mastercard and Visa. In this model, the standards of the payment networks restrict us from performing funds settlement or accessing merchant settlement funds, and, instead, require that these funds be in the possession of the Member until the merchant is funded. Under the direct membership model, we are members in various payment networks, allowing us to process and fund transactions without third-party sponsorship. In this model, we route and clear transactions directly through the card brand’s network and are not restricted from performing funds settlement. Otherwise, we process these transactions similarly to how we process transactions in the sponsorship model. We are required to adhere to the standards of the payment networks in which we are direct members. We maintain relationships with financial institutions, which may also serve as our Member sponsors for other card brands or in other markets, to assist with funds settlement. Timing differences, interchange fees, merchant reserves and exception items cause differences between the amount received from the payment networks and the amount funded to the merchants. These intermediary balances arising in our settlement process are reflected as settlement processing assets and obligations in our consolidated balance sheets. We apply offsetting to our settlement processing assets and obligations where a right of setoff exists. In the sponsorship model, we apply offsetting by Member agreement because the Member is ultimately responsible for funds settlement. With these Member transactions, we do not have access to the gross proceeds of the receivable from the payment networks and, thus, do not have a direct obligation or any ability to satisfy the payable to fund the merchant. In these situations, we apply offsetting to determine a net position for each Member agreement. If that net position is an asset, we reflect the net amount in settlement processing assets in our consolidated balance sheet. If that net position is a liability, we reflect the net amount in settlement processing obligations in our consolidated balance sheet. In the direct membership model, offsetting is not applied, and the individual components are presented as an asset or obligation based on the nature of that component. Allowance for credit and other merchant losses on settlement assets - Our merchant customers are liable for any charges or losses that occur under the merchant agreement. We have a risk of loss in our card processing services associated with the liability to collect amounts from merchant customers for any charges properly reversed by the card issuing financial institutions. We are therefore exposed to credit losses on these settlement processing assets. We utilize a combination of aging and loss-rate methods to develop an estimate of current expected credit losses, depending on the nature and risk profile of the underlying asset pool. A broad range of information is considered in the estimation process, including historical loss information adjusted for current conditions and expectations of future trends. The estimation process also includes consideration of qualitative and quantitative risk factors associated with the age of asset balances, expected timing of payment, contract terms and conditions, changes in specific customer risk profiles or mix of customers, geographic risk, industry or economic trends and relevant environmental factors. We require cash deposits, guarantees, letters of credit and other types of collateral from certain merchants to minimize the risk of loss, and we also utilize a number of systems and procedures to manage merchant risk. The allowance for credit losses on settlement processing assets was $ 16.6 million and $ 10.0 million as of December 31, 2025 and 2024, respectively. The measurement of the allowance for credit losses on settlement assets is recognized through credit loss expenses and is included as a component of cost of service in our consolidated statements of income. We recognized credit loss expense of $ 27.0 million, $ 22.4 million and $ 19.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. Write-offs are recognized in the period in which the asset is deemed to be uncollectible. Recoveries are recognized when received as a direct credit to the credit loss expense. 74 Table of Contents Additionally, when we are not able to collect these amounts from merchants due to merchant fraud, insolvency, bankruptcy or any other reason, we may be liable for the reversed charges. We recognize an estimated liability for merchant losses comprised of estimated incurred but not reported losses, which is included in accrued liabilities in our consolidated balance sheet. The provision for merchant losses is included as a component of cost of service in our consolidated statements of income. Reserve for cardholder losses - Through services offered in our former Consumer Solutions segment, we were exposed to losses due to cardholder fraud, payment defaults and other forms of cardholder activity as well as losses due to nonperformance of third parties who received cardholder funds for transmittal to the issuing financial institutions. We established a reserve for losses we estimated would arise from processing customer transactions, debit card overdrafts, chargebacks for unauthorized card use and merchant-related chargebacks due to non-delivery of goods and services. These reserves were established based upon historical loss and recovery rates and cardholder activity for which specific losses could be identified. Prior to the disposition of our consumer business, the provision for cardholder losses was included as a component of cost of service in our consolidated statements of income. Property and equipment - Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are generally calculated using the straight-line method. Leasehold improvements are amortized over the lesser of the remaining term of the lease and the useful life of the asset. We develop software that is used to provide services to customers. Capitalization of internal-use software costs, primarily associated with operating platforms, occurs when we have completed the preliminary project stage, management authorizes the project, management commits to funding the project, it is probable the project will be completed and the project will be used to perform the function intended. Costs incurred during the preliminary project stage are recognized as expense as incurred. Capitalized internal-use software is amortized over its estimated useful life, which is typically five to ten years , in a manner that best reflects the pattern of economic use of the assets. See "Note 5 — Property and Equipment" for further information. Goodwill - We test goodwill for impairment at the reporting unit level annually (in the fourth quarter) and more often if an event occurs or circumstances change that indicate the fair value of a reporting unit is below its carrying amount. We have the option of performing a qualitative assessment of impairment to determine whether any further quantitative assessment for impairment is necessary. The election of whether or not to perform a qualitative assessment is made annually and may vary by reporting unit. Factors we consider in the qualitative assessment include general macroeconomic conditions, industry and market conditions, cost factors, overall financial performance of our reporting units, events or changes affecting the composition or carrying amount of the net assets of our reporting units, our share price, and other relevant entity-specific events. If we elect to bypass the qualitative assessment or if we determine, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not less than the carrying amount, a quantitative test would be required. The quantitative assessment compares the estimated fair value of the reporting unit to its carrying amount, and recognizes an impairment loss for the amount by which a reporting unit’s carrying amount exceeds its estimated fair value, without exceeding the total amount of goodwill allocated to that reporting unit. During 2023, we realigned our reporting units based on organizational changes and the acquired operations of EVO. During the fourth quarter of 2024, we realigned our reporting units based on strategic and organizational changes. Upon realignment of our reporting units, we performed a quantitative assessment of impairment for our Core Payments Solutions, Integrated and Embedded Solutions and Point-of-Sale and Software Solutions reporting units, and determined on the basis of those assessments that the fair value of each reporting unit was greater than its respective carrying amount, indicating no impairment. Additionally, our International Merchant Solutions reporting unit was an aggregation of our former Europe, Spain and Asia-Pacific reporting units, and was not more likely than not less than its respective carrying amounts. The realignment did not affect our prior Issuer Solutions reporting unit, which is now a discontinued operation. 75 Table of Contents During the second quarter of 2025, the classification of the Issuer Solutions disposal group as held for sale and a discontinued operation triggered a requirement to evaluate the Issuer Solutions disposal group for potential impairment. Based on the quantitative assessment, we recognized a goodwill impairment charge of $ 33.2 million in discontinued operations during the three months ended June 30, 2025. As a result of changes to our plan of sale for a component of our discontinued operations during the fourth quarter of 2025, as described above within the "Business, consolidation and presentation" section, this charge was reclassified from discontinued operations to continuing operations and reflected as impairment of goodwill in our consolidated statement of income for the year ended December 31, 2025. The estimated fair value used in the goodwill impairment assessment was considered to be a nonrecurring Level 3 measurement in the fair value hierarchy. As of October 1, 2025, we performed a quantitative assessment of impairment for all of our reporting units (Core Payments Solutions, Integrated and Embedded Solutions, Point-of-Sale and Software Solutions and International Merchant Solutions) and determined that the fair value of each reporting unit was greater than its respective carrying amount, indicating no impairment. See "Note 6 — Goodwill and Other Intangible Assets" for further information. Other intangible assets - Other intangible assets include customer-related intangible assets (such as customer lists, merchant contracts and referral agreements), contract-based intangible assets (such as noncompete agreements, distributor agreements and processing rights), acquired technologies, trademarks and trade names associated with business combinations. These assets are amortized over their estimated useful lives. The useful lives for customer-related intangible assets are determined based primarily on forecasted cash flows, which include estimates for the revenues, expenses, and customer attrition associated with the assets. The useful lives of contract-based intangible assets are equal to the terms of the agreements. The useful lives of acquired technologies are based on an estimate of the period over which we expect to receive economic benefit. The useful lives of amortizable trademarks and trade names are based on an estimate of the period over which we will earn revenues for the related assets, including contemplation of any future plans to use the trademarks and trade names in the applicable markets. We use the straight-line method of amortization for our amortizable acquired technologies, trademarks and trade names and certain contract-based intangible assets. Amortization for most of our customer-related intangible assets and certain contract-based intangible assets is determined using an accelerated method. Under this accelerated method, we determine amortization expense for any period by first dividing the expected cash flows for that period that were used in determining the acquisition-date fair value of the asset by the expected total cash flows over the estimated life of the asset. We then multiply that ratio by the initial carrying amount of the asset to arrive at the amortization expense for that period. If the cash flow patterns that we experience differ significantly from our initial estimates, we adjust the amortization schedule prospectively. We believe that our accelerated method reflects the expected pattern of the benefit to be derived. See "Note 6 — Goodwill and Other Intangible Assets" for further information. Implementation costs incurred in a cloud computing arrangement - We capitalize implementation costs associated with cloud computing arrangements that are service contracts, and we amortize these capitalized implementation costs to expense on a straight-line basis over the term of the applicable hosting arrangement. Our cloud computing arrangements involve services we use to support certain internal corporate functions as well as technology associated with revenue-generating activities. As of December 31, 2025 and 2024, capitalized implementation costs, net of accumulated amortization, were $ 64.0 million and $ 52.7 million, respectively, and are presented within other noncurrent assets in the consolidated balance sheets. Amortization expense for the years ended December 31, 2025, 2024 and 2023 was $ 6.5 million, $ 7.0 million and $ 3.5 million, respectively, and is presented in the same line item in the consolidated statements of income as the expense for the associated cloud services arrangement. 76 Table of Contents Leases - We evaluate each of our lease and service arrangements at inception to determine if the arrangement is, or contains, a lease and the appropriate classification of each identified lease. A lease exists if we obtain substantially all of the economic benefits of, and have the right to control the use of, an asset for a period of time. Right-of-use assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease agreement. We recognize right-of-use assets and lease liabilities at the lease commencement date based on the present values of fixed lease payments over the term of the lease. Right-of-use assets may also be adjusted to reflect any prepayments made or any incentive payments received. Operating lease costs and depreciation expense for finance leases are recognized as expense on a straight-line basis over the lease term. We consider a termination or renewal option in the determination of the lease term when it is reasonably certain that we will exercise that option. Because our leases generally do not provide a readily determinable implicit interest rate, we use an incremental borrowing rate to measure the lease liability and associated right-of-use asset at the lease commencement date. The incremental borrowing rate used is a fully collateralized rate that considers our credit rating, market conditions and the term of the lease at the lease commencement date. We have made an accounting policy election to not recognize assets or liabilities for leases with a term of less than 12 months and to account for all components in a lease arrangement as a single combined lease component for all asset classes with the exception of computer equipment, for which we account for lease and non-lease components separately. See "Note 7 — Leases" for further information. Impairment of long-lived assets - We regularly evaluate whether events and circumstances have occurred that indicate the carrying amount of property and equipment, capitalized software, lease right-of-use assets and finite-life intangible assets may not be recoverable. When factors indicate that these long-lived assets should be evaluated for possible impairment, we assess the potential impairment by determining whether the carrying amount of such long-lived assets will be recovered through the future undiscounted cash flows expected from use of the asset and its eventual disposition. The evaluation is performed at the asset group level, which is the lowest level of identifiable cash flows. If the carrying amount of the asset group is determined to be not recoverable, a write-down to fair value is recognized. Fair values are determined based on quoted market prices or discounted cash flow analysis as applicable. We regularly evaluate whether events and circumstances have occurred that indicate the useful lives of property and equipment and finite-life intangible assets may warrant revision. Assets held for sale - We classify an asset or business as a held for sale disposal group if we have committed to a plan to sell the asset or business within one year and are actively marketing the asset or business in its current condition for a price that is reasonable in comparison to its estimated fair value. Disposal groups held for sale are reported at the lower of carrying amount or fair value less costs to sell. Long-lived assets classified as held for sale are not subject to depreciation or amortization, and both the assets and any liabilities directly associated with the disposal group are presented net within separate current and noncurrent held for sale line items in our consolidated balance sheets. Subsequent changes to the estimated selling price of an asset or disposal group held for sale are recognized as gains or losses in our consolidated statement of income and any subsequent gains are limited to the cumulative losses previously recognized. The Issuer Solutions disposal group met the criteria to be classified as held for sale and the disposition represents a strategic shift that will have a major effect on the Company's operations and financial results. As a result, the operating results of the Issuer Solutions business have been reflected as discontinued operations. Notes receivable and allowance for credit losses - During the year ended December 31, 2023, we provided seller financing in connection with the sale of our former consumer and gaming businesses. We classify notes receivable as held for investment based on the intent and ability to hold for the foreseeable future or until maturity or payoff, and the notes are presented at amortized cost within notes receivable in our consolidated balance sheet. Interest income is recognized using the effective interest method, which includes the accretion of the difference between the fair value at inception and the face value of the notes. We are exposed to credit losses on the notes. We utilize a probability-of-default and loss given default method to develop an estimate of current expected credit losses applied at the loan level. A variety of factors are considered to estimate the expected credit loss, including the probability of default (representing the probability the asset will default within a given time frame), the loss given default (representing the percentage of the asset that is not expected to be collected due to default), leverage ratios, interest rates, market and industry data, and forecasts that affect the collectability of the reported amount. The estimation process also includes consideration of qualitative and quantitative risk factors associated with expected timing of payment, industry trends and current and anticipated future economic conditions. Expected credit losses are estimated over the life of the loans, adjusted for expected prepayments when appropriate. We recognized a noncash charge as an allowance for 77 Table of Contents estimated future credit losses on the notes of $ 15.2 million for the year ended December 31, 2023, which is included as a component of interest and other expense in our consolidated statements of income. Notes receivable are presented net of an allowance for credit losses of $ 15.2 million as of December 31, 2025 and 2024, respectively. Equity method investments - We have certain investments, including a 45 % interest in China UnionPay Data Co., Ltd. that we account for using the equity method of accounting. Equity method investments are recognized initially at cost and subsequently adjusted for our portion of equity in earnings, cash contributions and distributions, and foreign currency translation adjustments. As of December 31, 2025 and 2024, we had total equity method investments of $ 1,024.4 million and $ 987.2 million, respectively, presented within other noncurrent assets in the consolidated balance sheets. Accrued buyout liability - Certain of our Merchant Solutions salespersons in the United States are paid residual commissions based on the profitability generated by certain merchant customers. We have the right, but not the obligation, to buy out some or all of these commissions and intend to do so periodically. Such purchases of the commissions are at a fixed multiple of the last 12 months of commissions. Because of our intent and ability to execute purchases of the residual commissions, and the mutual understanding between us and our salespersons, we have accounted for this deferred compensation arrangement pursuant to the substantive nature of the plan. Therefore, we recognize a liability for the amount that we would have to pay (the "settlement cost") to buy out related commissions in their entirety from vested salespersons, and an estimated amount for unvested salespersons based on their progress towards vesting and the expected percentage that will become vested. As the liability increases over the first year of the related merchant contract, we recognize a related asset. Subsequent changes in the estimated accrued buyout liability due to merchant attrition, same-store sales growth or contraction and changes in profitability are included in selling, general and administrative expense in the consolidated statements of income. The classification of the accrued buyout liability between current and noncurrent in the consolidated balance sheet is based upon our estimate of the amount of the accrued buyout liability that we reasonably expect to pay over the next 12 months. Income taxes - Deferred income taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax laws and rates. A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. We periodically assess our tax exposures related to periods that are open to examination. Based on the latest available information, we evaluate our tax positions to determine whether the position will more likely than not be sustained upon examination by the U.S. Internal Revenue Service or other taxing authorities. If we do not reach a more-likely-than-not determination, no benefit is recognized. If we determine that the tax position is more likely than not to be sustained, we recognize the largest amount of benefit that is more likely than not to be realized when the tax position is settled. We present interest and penalties related to unrecognized income tax benefits in interest and other expense and selling, general and administrative expenses, respectively, in our consolidated statements of income. See "Note 12 — Income Tax" for further information. Derivative instruments - We may use interest rate swaps or other derivative instruments to manage a portion of our exposure to the variability in interest rates. Our objective in managing our exposure to fluctuation in interest rates is to better control this element of cost and to mitigate the earnings and cash flow volatility associated with changes in applicable rates. We have established policies and procedures that encompass risk-management philosophy and objectives, guidelines for derivative instrument usage, counterparty credit approval, and the monitoring and reporting of derivative activity. We do not use derivative instruments for speculation. At inception, we formally designate and document instruments that qualify for hedge accounting of underlying exposures. When qualified for hedge accounting, these financial instruments are recognized at fair value in our consolidated balance sheets, and changes in fair value are recognized as a component of other comprehensive income (loss) and included in accumulated other comprehensive income (loss) within equity in our consolidated balance sheets. Cash flows resulting from settlements are presented as a component of cash flows from operating activities within our consolidated statements of cash flows. We formally assess, both at inception and at least quarterly, whether the financial instruments used in hedging transactions are effective at offsetting changes in cash flows of the related underlying exposure. Fluctuations in the value of these instruments generally are offset by changes in the forecasted cash flows of the underlying exposures being hedged. This offset 78 Table of Contents is driven by the high degree of effectiveness between the exposure being hedged and the hedging instrument. We designated each of our active interest rate swap agreements as a cash flow hedge of interest payments on variable rate borrowings. In addition, we designated our Euro-denominated senior notes as a hedge of our net investment in our Euro-denominated operations. The purpose of the net investment hedge is to offset the volatility of our net investment in our Euro-denominated operations due to changes in foreign currency exchange rates. The foreign currency remeasurement gains and losses associated with the Euro-denominated senior notes and our Euro-denominated operations are presented within the same components of other comprehensive income and accumulated comprehensive income. See "Note 10 — Derivatives and Hedging Instruments" for further information about our derivative instruments. Fair value measurements - Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. GAAP establishes a fair value hierarchy that categorizes the inputs to valuation techniques into three broad levels. Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities. Level 2 inputs are based on other observable market data, such as quoted prices for similar assets and liabilities, and inputs other than quoted prices that are observable such as interest rates and yield curves. Level 3 inputs are developed from unobservable data reflecting our assumptions and include situations where there is little or no market activity for the asset or liability. Fair value of financial instruments - The carrying amounts of cash and cash equivalents, restricted cash, receivables, settlement lines of credit, accounts payable and accrued liabilities approximate their fair value given the short-term nature of these items. The estimated fair value of our senior notes was based on quoted market prices in an active market and is considered to be a Level 1 measurement of the fair value hierarchy. The estimated fair value of our $ 2.0 billion 1.500 % convertible notes was based on quoted market prices in an active market and is considered to be a Level 1 measurement of the fair value hierarchy and our $ 1.5 billion 1.000 % convertible notes was based on a lattice pricing model and is considered to be a Level 3 measurement of the fair value hierarchy. Certain of our long-term debt arrangements include variable interest rates. The fair value of long-term debt with variable interest rates was determined using Level 2 inputs, and approximated carrying amount, exclusive of debt issuance costs. The fair values of our swap agreements were determined based on the present value of the estimated future net cash flows using implied rates in the applicable yield curve as of the valuation date and classified within Level 2 of the fair value hierarchy. See "Note 9 — Long-Term Debt and Lines of Credit" and "Note 10 — Derivatives and Hedging Instruments" for further information. The estimated fair value of our notes receivable was based on a discounted cash flow approach and is considered to be a Level 3 measurement of the fair value hierarchy. See "Note 3 — Business Dispositions and Discontinued Operations" for further information. We also have investments in equity instruments without readily determinable fair values. As permitted, we have elected a measurement alternative for equity instruments that do not have readily determinable fair values. Under such alternative, these instruments are measured at cost plus or minus any changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer less any impairments. Any resulting change in carrying amount would be reflected in net income. Redeemable Noncontrolling Interests - Redeemable noncontrolling interests refers to noncontrolling interests that are redeemable upon the occurrence of an event that is not solely within our control and is reported in the mezzanine section between total liabilities and shareholders' equity, as temporary equity in our consolidated balance sheets. The redeemable noncontrolling interests for each subsidiary are adjusted each reporting period to the higher of: (i) the initial carrying amount, increased or decreased for the noncontrolling interest's share of comprehensive income (loss), capital contributions and distributions or (ii) the redemption price. In determining the measurement method of redemption price, we have elected to accrete changes in the redemption price over the period from the date of issuance to the earliest redemption date of the instrument using the effective interest method, applied prospectively. We have also elected to recognize the entire amount of any redemption price adjustments in net income attributable to noncontrolling interests in our consolidated statements of 79 Table of Contents income. Certain of our redeemable noncontrolling interests are redeemable at fair value and are considered to be a Level 3 measurement of the valuation hierarchy. See "Note 16 — Noncontrolling Interests" for further information. Foreign currencies - We have significant operations in a number of foreign subsidiaries whose functional currency is the local currency. The assets and liabilities of subsidiaries whose functional currency is a foreign currency are translated into the reporting currency at the period-end rate of exchange. Income statement items are translated at the weighted-average rates prevailing during the period. The resulting translation adjustment is presented as a component of other comprehensive income and is included in accumulated comprehensive income within equity in our consolidated balance sheets. Gains and losses on transactions denominated in currencies other than the functional currency are generally included in determining net income for the period. For the years ended December 31, 2025, 2024 and 2023, our transaction gains and losses were insignificant. Transaction gains and losses on intercompany balances of a long-term investment nature are presented as a component of other comprehensive income (loss) and included in accumulated comprehensive income (loss) within equity in our consolidated balance sheets. When a foreign subsidiary is disposed of in its entirety, the associated accumulated foreign currency translation gains or losses are reclassified from the separate component of equity into our consolidated statement of income. Earnings per share - Basic earnings per share ("EPS") is computed by dividing net income attributable to Global Payments by the weighted-average number of shares outstanding during the period. Earnings available to common shareholders is the same as net income attributable to Global Payments for all periods presented. Diluted EPS is computed by dividing net income attributable to Global Payments by the weighted-average number of shares outstanding during the period, including the effect of share-based awards, convertible notes or other potential securities that would have a dilutive effect on EPS. All stock options with an exercise price lower than the average market share price of our common stock for the period are assumed to have a dilutive effect on EPS. The dilutive share base for the years ended December 31, 2025, 2024 and 2023 excluded approximately 807,014 , 293,422 and 191,353 , respectively, shares related to stock options that would have an antidilutive effect on the computation of diluted earnings per share. The effect of the potential shares needed to settle the conversion spread on our convertible notes is included in diluted EPS if the effect is dilutive. The effect depends on the market share price of our common stock at the time of conversion and would be dilutive if the average market share price of our common stock for the period exceeds the conversion price. For the years ended December 31, 2025, 2024 and 2023, the convertible notes were not included in the computation of diluted EPS as the effect would have been anti-dilutive. Furthermore, the effect of the related capped call transactions is not included in the computation of diluted EPS as it is always anti-dilutive. 80 Table of Contents The following table sets forth the computations of basic and diluted EPS for continuing and discontinued operations for all periods presented: Years Ended December 31, 2025 2024 2023 (in thousands, except per share data) Income from continuing operations attributable to Global Payments $ 1,072,736 $ 1,285,195 $ 620,007 Income from discontinued operations attributable to Global Payments 327,371 285,170 366,226 Net income attributable to Global Payments $ 1,400,107 $ 1,570,365 $ 986,233 Basic weighted-average number of shares outstanding 241,634 254,291 261,126 Plus: Dilutive effect of stock options and other share-based awards 374 554 572 Diluted weighted-average number of shares outstanding 242,008 254,845 261,698 Basic earnings per share attributable to Global Payments: Continuing operations $ 4.44 $ 5.06 $ 2.38 Discontinued operations 1.35 1.12 1.40 Total basic earnings per share attributable to Global Payments $ 5.79 $ 6.18 $ 3.78 Diluted earnings per share attributable to Global Payments: Continuing operations $ 4.43 $ 5.04 $ 2.37 Discontinued operations 1.35 1.12 1.40 Total diluted earnings per share attributable to Global Payments $ 5.78 $ 6.16 $ 3.77 Repurchased shares - We account for the retirement of repurchased shares using the par value method under which the repurchase price is charged to paid-in capital up to the amount of the original issue proceeds of those shares. When the repurchase price is greater than the original issue proceeds, the excess is charged to retained earnings. We use a last-in, first-out cost flow assumption to identify the original issue proceeds of the shares repurchased. See "Note 13 — Shareholders' Equity" for further information. NOTE 2— ACQUISITIONS EVO Payments, Inc. In March 2023, we acquired all of the outstanding common stock of EVO Payments, Inc. (“EVO”). EVO is a payment technology and services provider, offering payment solutions to merchants ranging from small and middle market enterprises to multinational companies and organizations across the Americas and Europe. The acquisition aligns with our technology-enabled payments strategy, expands our geographic presence in attractive markets and augments our business-to-business software and payment solutions business. 81 Table of Contents Total purchase consideration of $ 4.3 billion consisted of the following (in thousands): Cash paid to EVO shareholders (1) $ 3,273,951 Cash paid for equity awards attributable to purchase consideration (2) 58,510 Value of replacement awards attributable to purchase consideration (3) 2,484 Total purchase consideration transferred to EVO shareholders 3,334,945 Repayment of EVO's unsecured revolving credit facility (including accrued interest and fees) 665,557 Payment of certain acquiree transaction costs and other liabilities on behalf of EVO (4) 269,118 Total purchase consideration $ 4,269,620 (1) Holders of EVO common stock, convertible preferred stock and common units received $ 34 for each share of EVO common stock held at the effective time of the transaction. (2) Pursuant to the merger agreement, we cash settled vested options and certain unvested equity awards of EVO equity award holders. (3) Pursuant to the merger agreement, we granted equity awards for approximately 0.3 million shares of Global Payments common stock to certain EVO equity award holders. Each such replacement award is subject to the same terms and conditions (including vesting and exercisability) that applied to the corresponding EVO equity award. We apportioned the fair value of the replacement awards between purchase consideration (the portion attributable to pre-acquisition services in relation to the total vesting term of the award) and amounts to be recognized in periods following the acquisition as share-based compensation expense over the requisite service period of the replacement awards. (4) Certain acquiree transaction costs and liabilities, including amounts outstanding under EVO’s tax receivable agreement, were required to be repaid by us upon consummation of the acquisition. 82 Table of Contents The cash portion of the purchase consideration was funded through cash on hand and borrowings under our revolving credit facility. We accounted for the EVO acquisition as a business combination, which generally requires that we recognize the assets acquired and liabilities assumed at fair value as of the acquisition date. The final estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed, including a reconciliation to the total purchase consideration, were as follows (in thousands): Final Amounts Cash and cash equivalents $ 324,859 Accounts receivable 51,470 Settlement processing assets 134,712 Deferred income tax assets 1,734 Property and equipment 72,100 Identifiable intangible assets 1,478,995 Other assets 148,567 Accounts payable and accrued liabilities ( 289,360 ) Settlement lines of credit ( 7,587 ) Settlement processing obligations ( 163,535 ) Deferred income tax liabilities ( 253,221 ) Other liabilities ( 61,207 ) Total identifiable net assets 1,437,527 Redeemable noncontrolling interests ( 471,119 ) Goodwill 3,303,212 Total purchase consideration $ 4,269,620 During the year ended December 31, 2024, we made measurement-period adjustments that increased the amount of goodwill by $ 19.9 million, primarily related to deferred income taxes as a result of finalizing the evaluation of the differences in the bases of assets and liabilities for financial reporting and tax purposes. The effects of the measurement-period adjustments on our consolidated statement of income for the year ended December 31, 2024 were not material. Goodwill arising from the acquisition was included in the Merchant Solutions segment and was attributable to expected growth opportunities, potential synergies from combining the acquired business into our existing businesses and an assembled workforce. We expect that approximately $ 1.2 billion of the goodwill from this acquisition will be deductible for income tax purposes. 83 Table of Contents The following table reflects the estimated acquisition-date fair values of the identified intangible assets of EVO and their respective weighted-average estimated amortization periods: Estimated Fair Value Weighted-Average Estimated Amortization Periods (in thousands) (years) Customer-related intangible assets $ 916,000 11 Contract-based intangible assets 470,000 12 Acquired technologies 86,995 7 Trademarks and trade names 6,000 2 Total estimated identifiable intangible assets $ 1,478,995 11 For the year ended December 31, 2024, and during the period from the acquisition date through December 31, 2023, the acquired operations of EVO contributed less than 10 % to our consolidated revenues and operating income. The historical revenue and earnings of EVO were not material for the purpose of presenting pro forma information. In addition, transaction costs associated with this business combination were not material. Other Acquisitions During the years ended December 31, 2025, 2024, and 2023, we completed other acquisitions that were insignificant individually and in the aggregate to the consolidated financial statements. Valuation of Identified Intangible Assets For the acquisitions discussed above, the estimated fair values of customer-related and contract-based intangible assets were generally determined using the income approach, which was based on projected cash flows discounted to their present value using discount rates that consider the timing and risk of the forecasted cash flows. The discount rates used represented a risk adjusted market participant weighted-average cost of capital, derived using customary market metrics. Acquired technologies were valued using the replacement cost method, which required us to estimate the costs to construct an asset of equivalent utility at prices available at the time of the valuation analysis, with adjustments in value for physical deterioration and functional and economic obsolescence. Trademarks and trade names were valued using the "relief-from-royalty" approach. This method assumes that trademarks and trade names have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. This method required us to estimate the future revenues for the related assets, the appropriate royalty rate and the weighted-average cost of capital. NOTE 3— BUSINESS DISPOSITIONS AND DISCONTINUED OPERATIONS Discontinued Operations Through our Issuer Solutions business, we provided financial institutions and retailers technologies to manage their card portfolios, reduce technical complexity and overhead and offer a seamless experience for cardholders. In addition, we provided flexible commercial payments, accounts payable and electronic payment alternative solutions that support B2B payment processes and other financial service solutions for businesses and governments, including SaaS offerings that automate key procurement processes, provide invoice capture, coding and approval, and enable virtual cards and integrated payments options across a variety of key vertical markets. We also offered complementary services including account management and servicing, fraud solution services, analytics and business intelligence, cards, statements and correspondence, customer contact services and risk management solutions. As described in "Note 1—Basis of Presentation and Summary of Significant Accounting Policies," our Issuer Solutions business met the criteria to be classified as a held for sale disposal group and a discontinued operation. The following table presents the major classes of line items constituting income from discontinued operations, net of tax, 84 Table of Contents in our consolidated statements of income for the years ended December 31, 2025, 2024 and 2023: Years Ended December 31, 2025 2024 2023 (in thousands) Revenues $ 2,509,698 $ 2,393,183 $ 2,313,095 Operating expenses: Cost of service 1,308,059 1,749,576 1,697,442 Selling, general and administrative 344,525 284,502 214,881 Loss on business disposition 160,449 — — 1,813,033 2,034,078 1,912,323 Operating income 696,665 359,105 400,772 Interest and other income (expense), net ( 23,156 ) ( 20,634 ) ( 12,487 ) Income from discontinued operations before income taxes and equity in income of equity method investments 673,509 338,471 388,285 Income tax expense 346,037 53,620 22,503 Income from discontinued operations before equity in income of equity method investments 327,472 284,851 365,782 Equity in income (loss) of equity method investments ( 101 ) 319 444 Income from discontinued operations, net of tax $ 327,371 $ 285,170 $ 366,226 85 Table of Contents The following table presents the carrying amounts of the major classes of assets and liabilities of discontinued operations as of December 31, 2025 and 2024: December 31, 2025 December 31, 2024 (in thousands) Cash and cash equivalents $ 403,689 $ 181,946 Accounts receivable, net 333,142 294,053 Prepaid expenses and other current assets 466,703 261,603 Current assets of discontinued operations 1,203,534 737,602 Goodwill 9,284,218 9,258,744 Other intangible assets, net 4,201,245 4,317,771 Property and equipment, net 1,111,243 861,763 Other noncurrent assets 632,914 635,260 Valuation allowance to adjust assets to estimated fair value, less costs to sell ( 160,449 ) — Noncurrent assets of discontinued operations 15,069,171 15,073,538 Accounts payable and accrued liabilities 810,301 376,138 Current liabilities of discontinued operations 810,301 376,138 Deferred income taxes 277,226 248,575 Other noncurrent liabilities 155,796 158,080 Noncurrent liabilities of discontinued operations 433,022 406,655 Cash flows related to discontinued operations are included in our consolidated statements of cash flows for the years ended December 31, 2025, 2024 and 2023. The following table presents selected items affecting the statements of cash flows: Years Ended December 31, 2025 2024 2023 (in thousands) Depreciation and amortization of property and equipment $ 31,564 $ 118,602 $ 115,938 Amortization of acquired intangibles 154,106 526,441 518,860 Loss on business disposition 160,449 — — Capital expenditures 165,293 172,070 125,674 Assets and liabilities classified as held for sale are required to be reported at the lower of carrying amount or fair value less costs to sell. As of December 31, 2025, we determined that the fair value of the Issuer Solutions disposal group, less costs to sell, was lower than its carrying amount and we recognized a charge of $ 160.4 million within loss on business disposition in discontinued operations for the year ended December 31, 2025. The fair value of the Issuer Solutions disposal group was determined using a combination of an income approach and a market approach and was considered to be a nonrecurring Level 3 measurement of the fair value hierarchy. 86 Table of Contents During the year ended December 31, 2025, Issuer Solutions entered into agreements to acquire hardware, software and related services, of which $ 84.7 million was financed utilizing a two-year vendor financing arrangement. In addition, during the year ended December 31, 2025, Issuer Solutions recognized approximately $ 196.6 million of deferred income tax expense associated with our investment in subsidiaries of the disposal group expected to be divested in the transaction. During the year ended December 31, 2024, Issuer Solutions entered into agreements to acquire hardware, software and related services, of which $ 60.5 million was financed utilizing two to six-year vendor financing arrangements. Certain of the agreements included the purchase of assets previously leased. Additionally, during the year ended December 31, 2024, we also recognized a charge of $ 55.8 million for technology assets that will no longer be utilized under a revised technology architecture development strategy, which was included within selling, general and administrative expenses in the table above. During the year ended December 31, 2023, Issuer Solutions entered into agreements to acquire hardware, software and related services , of which $ 182.2 million was financed utilizing two to five-year vendor financing arrangements. Certain of the agreements included the purchase of assets previously leased. Heartland Payroll Solutions, Inc. - In September 2025, we completed the sale of Heartland Payroll Solutions, Inc. ("Payroll Solutions"), our payroll business included in our Merchant Solutions segment prior to disposition, to Acrisure, LLC ("Acrisure") for approximately $ 1.1 billion, including up to $ 75 million of contingent consideration upon the buyer's achieving a specified revenue target. In connection with the transaction, we entered into a mutual referral agreement and long-term commercial partnership with Acrisure. We recognized a gain on the sale of $ 331.4 million during the year ended December 31, 2025. AdvancedMD, Inc. - In December 2024, we completed the sale of AdvancedMD, Inc. ("AdvancedMD") for approximately $ 1.1 billion and up to $ 125 million contingent upon the purchaser achieving certain specified returns. AdvancedMD is a provider of software-as-a-service solutions to small-to-medium sized ambulatory physician practices in the United States, and was included in our Merchant Solutions segment prior to disposition. We recognized a gain on the sale of $ 273.1 million during the year ended December 31, 2024. Gaming Business - In April 2023, we completed the sale of our gaming business for approximately $ 400 million. The gaming business was included in our Merchant Solutions segment prior to disposition. We recognized a gain on the sale of $ 106.9 million during the year ended December 31, 2023. Consumer Business - In April 2023, we completed the sale of the consumer portion of our Netspend business for approximately $ 1 billion. The consumer business comprised our former Consumer Solutions segment prior to disposition, and had been presented as held for sale with certain adjustments to report the disposal group at fair value less costs to sell in our consolidated balance sheet since June 30, 2022. We recognized a loss on this business disposition in our consolidated statements of income of $ 243.6 million during the year ended December 31, 2023. Notes Receivable and Allowance for Credit Losses In connection with the sale of our consumer business, we provided seller financing consisting of the following: (1) a first lien seven-year secured term loan facility with an aggregate principal amount of $ 350 million bearing interest at a fixed annual rate of 9.0 %, including 3.5 % payable quarterly in cash and 5.5 % settled quarterly via the issuance of additional paid-in-kind ("PIK") notes with the same terms as the original notes until December 2024, after which interest will be payable quarterly in cash along with quarterly principal payments of $ 4.4 million with the remaining balance due at maturity; and (2) a second lien twenty-five year secured term loan facility with an aggregate principal amount of $ 325 million bearing interest at a fixed annual rate of 13.0 % PIK due at maturity. The aggregate fair value of the first and second lien term loans upon the closing of the transaction was $ 653.9 million, calculated using a discounted cash flow approach. In addition, during the year ended December 31, 2023, we provided the purchasers a five-year $ 50 million secured revolving facility, bearing interest at a fixed annual rate of 9.0 % payable quarterly in cash, initial drawings on which were subsequently repaid during the year ended December 31, 2023. In connection with the sale of our gaming business in April 2023, we provided seller financing consisting of an unsecured promissory note due April 1, 2030 with an aggregate principal amount of $ 32 million. As of December 31, 2025, this note bears PIK interest at an annual rate of 13.0 %. 87 Table of Contents We recognized interest income of $ 97.8 million and $ 89.9 million on the notes during the year ended December 31, 2025 and 2024, respectively, as a component of interest and other income in the consolidated statements of income. The issuances of the notes in connection with the sale transactions were noncash investing activities in our consolidated statement of cash flows for the year ended December 31, 2023. As of December 31, 2025 and 2024, there was an aggregate principal amount outstanding of $ 852.0 million and $ 810.2 million, respectively. The notes are presented net of the allowance for credit losses of $ 15.2 million within notes receivable in our consolidated balance sheets. Principal payments due within 12 months are included in prepaid expenses and other current assets in the consolidated balance sheets. The estimated fair value of the notes receivable was $ 849.8 million and $ 809.3 million as of December 31, 2025 and 2024, respectively. The estimated fair value of notes receivable was based on a discounted cash flow approach and is considered to be a Level 3 measurement of the fair value hierarchy. NOTE 4— REVENUES The following table presents a disaggregation of our revenues from contracts with customers by geography for our Merchant Solutions segment for the years ended December 31, 2025, 2024 and 2023. Revenues from our Consumer Solutions segment were solely affiliated with the Americas. Years Ended December 31, 2025 2024 2023 (in thousands) Americas $ 6,143,825 $ 6,279,160 $ 5,893,573 Europe 1,280,865 1,197,098 1,042,532 Asia Pacific 281,188 259,712 260,939 $ 7,705,878 $ 7,735,970 $ 7,197,044 In our Merchant Solutions segment, we actively market and provide our payment services, software and other commerce enablement solutions directly to our customers and through a variety of distribution channels across three service lines: Point-of-Sale and Software Solutions, Integrated and Embedded Solutions and Core Payments Solutions. Our Point-of-Sale and Software Solutions business provides advanced payments technology that is integrated into point-of-sale systems and business management software solutions that we own. Our Integrated and Embedded Solutions business provides e-commerce solutions, advanced payments technology and commerce enablement solutions that is embedded into business management software solutions owned by our technology partners who operate in numerous vertical markets and countries. Our Core Payments Solutions business provides payments technology services and other commerce enablement solutions directly to customers across numerous verticals in the markets we serve through our direct sales force worldwide, as well as referral partnerships and other wholesale relationships. The following table presents a disaggregation of our Merchant Solutions segment revenues by service line for the years ended December 31, 2025, 2024 and 2023: 2025 2024 2023 (in thousands) Point-of-Sale and Software Solutions $ 1,321,636 $ 1,512,488 $ 1,395,553 Integrated and Embedded Solutions 3,407,539 3,195,898 2,968,818 Core Payments Solutions 2,976,703 3,027,584 2,832,673 $ 7,705,878 $ 7,735,970 $ 7,197,044 88 Table of Contents ASC 606 requires that we determine for each customer arrangement whether revenue should be recognized at a point in time or over time. For the years ended December 31, 2025, 2024 and 2023, substantially all of our revenues were recognized over time. Supplemental balance sheet information related to contracts from customers as of December 31, 2025, 2024 and 2023 was as follows: Balance Sheet Location December 31, 2025 December 31, 2024 December 31, 2023 (in thousands) Assets: Capitalized costs to obtain customer contracts, net Other noncurrent assets $ 270,773 $ 338,709 $ 359,760 Capitalized costs to fulfill customer contracts, net Other noncurrent assets 21,259 34,749 69,822 Liabilities: Contract liabilities, net (current) Accounts payable and accrued liabilities 177,452 202,366 183,625 Contract liabilities, net (noncurrent) Other noncurrent liabilities 19,625 21,324 30,183 Net contract assets were not material at December 31, 2025, December 31, 2024 or December 31, 2023. Revenue recognized for the years ended December 31, 2025 and 2024 f rom contract liability balances at the beginning of each period was $ 183.2 million and $ 164.8 million , respectively. ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations. The purpose of this disclosure is to provide additional information about the amounts and expected timing of revenue to be recognized from the remaining performance obligations in our existing contracts. The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at December 31, 2025. However, as permitted, we have elected to exclude from this disclosure any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. Accordingly, the total amount of unsatisfied or partially unsatisfied performance obligations related to Merchant Solutions processing services is significantly higher than the amounts disclosed in the table below (in thousands): Year ending December 31, 2026 $ 315,516 2027 214,309 2028 142,148 2029 103,832 2030 61,444 2031 and thereafter 42,521 Total $ 879,770 89 Table of Contents NOTE 5— PROPERTY AND EQUIPMENT As of December 31, 2025 and 2024, property and equipment consisted of the following: Range of Depreciable Lives 2025 2024 (Years) (in thousands) Software 5 - 10 $ 1,952,181 $ 1,664,386 Equipment 3 - 20 1,025,580 846,968 Buildings 40 24,787 21,304 Leasehold improvements 5 - 15 88,942 92,707 Furniture and fixtures 5 - 10 33,535 33,684 Land 3,117 1,213 3,128,142 2,660,262 Less accumulated depreciation and amortization ( 2,007,954 ) ( 1,637,170 ) Work-in-progress 381,575 398,176 $ 1,501,763 $ 1,421,268 NOTE 6— GOODWILL AND OTHER INTANGIBLE ASSETS As of December 31, 2025 and 2024, goodwill and other intangible assets consisted of the following: 2025 2024 (in thousands) Goodwill $ 17,076,624 $ 17,027,574 Other intangible assets: Customer-related intangible assets $ 5,536,591 $ 5,175,699 Acquired technologies 1,918,713 1,980,161 Contract-based intangible assets 2,313,160 2,192,335 Trademarks and trade names 479,405 478,155 10,247,869 9,826,350 Less accumulated amortization: Customer-related intangible assets 3,361,512 2,893,043 Acquired technologies 1,630,830 1,496,735 Contract-based intangible assets 584,392 407,496 Trademarks and trade names 439,908 414,904 6,016,642 5,212,178 $ 4,231,227 $ 4,614,172 90 Table of Contents The following table sets forth the changes by reportable segment in the carrying amount of goodwill for the years ended December 31, 2025, 2024 and 2023: Merchant Solutions (in thousands) Balance at December 31, 2022 $ 14,066,987 Goodwill acquired (1) 3,283,285 Effect of foreign currency translation 126,835 Measurement-period adjustments ( 237 ) Balance at December 31, 2023 17,476,870 Goodwill acquired 193,252 Effect of foreign currency translation ( 223,564 ) Goodwill derecognized in connection with the sale of a business (2) ( 438,911 ) Measurement-period adjustments 19,927 Balance at December 31, 2024 17,027,574 Goodwill acquired 186,025 Effect of foreign currency translation 372,350 Goodwill derecognized in connection with the sale of a business (3) ( 479,577 ) Impairment of goodwill ( 33,218 ) Measurement-period adjustments 3,470 Balance at December 31, 2025 $ 17,076,624 (1) Reflects goodwill acquired in connection with our EVO acquisition. See “Note 2—Acquisitions” for further discussion. (2) Reflects goodwill derecognized in connection with the sale of our AdvancedMD business. See “Note 3—Business Dispositions and Discontinued Operations” for further discussion. (3) Reflects goodwill derecognized in connection with the sale of the Payroll Solutions business. See “Note 3—Business Dispositions and Discontinued Operations” for further discussion. Accumulated impairment losses for goodwill were $ 33.2 million as of December 31, 2025 in our Merchant Solutions segment. We did no t have any accumulated impairment losses for goodwill as of December 31, 2024. Customer-related intangible assets, acquired technologies, contract-based intangible assets, and trademarks and trade names acquired during the year ended December 31, 2025 had weighted-average amortization periods of 5.7 years, 5.0 years, 6.3 years, and 5.0 years, respectively. Customer-related intangible assets, acquired technologies, contract-based intangible assets, and trademarks and trade names acquired during the year ended December 31, 2024 had weighted-average amortization periods of 6.7 years, 5.0 years, 6.3 years, and 7.0 years, respectively. Amortization expense of acquired intangibles was $ 842.1 million for the year ended December 31, 2025, $ 842.9 million for the year ended December 31, 2024 and $ 799.7 million for the year ended December 31, 2023. 91 Table of Contents The estimated amortization expense of acquired intangibles as of December 31, 2025 for the next five years, calculated using the currency exchange rate at the date of acquisition, if applicable, is as follows (in thousands): 2026 $ 758,259 2027 596,631 2028 518,569 2029 438,070 2030 553,475 NOTE 7— LEASES Our leases consist primarily of operating real estate leases for office space and data centers in the markets in which we conduct business. We also have operating and finance leases for computer and other equipment. Many of our leases include escalating rental payments and incentives, as well as termination and renewal options. Certain of our lease agreements provide that we pay the cost of property taxes, insurance and maintenance. As of December 31, 2025 and 2024, right-of-use assets and lease liabilities consisted of the following: Balance Sheet Location December 31, 2025 December 31, 2024 (in thousands) Assets: Operating lease right-of-use assets: Real estate Other noncurrent assets $ 250,323 $ 247,386 Other Other noncurrent assets 32 116 Total operating lease right-of-use-assets $ 250,355 $ 247,502 Finance lease right-of-use assets: Computer equipment Property and equipment, net $ 259 $ 244 Other equipment Property and equipment, net 90,174 52,365 90,433 52,609 Less accumulated depreciation: Computer equipment Property and equipment, net ( 212 ) ( 87 ) Other equipment Property and equipment, net ( 53,847 ) ( 39,021 ) Total accumulated depreciation ( 54,059 ) ( 39,108 ) Total finance lease right-of-use assets 36,374 13,501 Total right-of-use assets (1) $ 286,729 $ 261,003 Liabilities: Operating lease liabilities (current) Accounts payable and accrued liabilities $ 58,065 $ 59,820 Operating lease liabilities (noncurrent) Other noncurrent liabilities 305,797 330,206 Finance lease liabilities (current) Current portion of long-term debt 8,598 5,953 Finance lease liabilities (noncurrent) Long-term debt 12,669 4,968 Total lease liabilities $ 385,129 $ 400,947 (1) As of December 31, 2025 and 2024, approximately 70 % and 71 %, respectively, of our right-of-use assets were located in the United States. 92 Table of Contents The weighted-average remaining lease term for operating and finance leases at December 31, 2025 was 8.1 years and 3.2 years, respectively. The weighted-average remaining lease term for operating and finance leases at December 31, 2024 was 8.2 years and 3.0 years, respectively. As of December 31, 2025, the weighted-average discount rate used in the measurement of operating and finance lease liabilities was 4.2 % and 4.8 %, respectively. As of December 31, 2024, the weighted-average discount rate used in the measurement of operating and finance lease liabilities was 4.0 % and 4.0 %, respectively. As of December 31, 2025, maturities of lease liabilities were as follows: Operating Leases Finance Leases (in thousands) Year ending December 31, 2026 $ 71,304 $ 9,355 2027 66,024 6,661 2028 58,158 5,192 2029 45,980 1,458 2030 38,027 — 2031 and thereafter 151,673 — Total lease payments 431,166 22,666 Imputed interest ( 67,304 ) ( 1,399 ) Total lease liabilities $ 363,862 $ 21,267 Operating lease costs in our consolidated statement of income for the year ended December 31, 2025 were $ 62.6 million, including $ 57.3 million in selling, general and administrative expenses and $ 5.3 million in cost of services. Total lease costs for the year ended December 31, 2025 include variable lease costs of $ 17.6 million, which are primarily comprised of the cost of property taxes, insurance and maintenance. Finance lease costs for the year ended December 31, 2025 were $ 10.2 million, including $ 9.5 million of amortization on right-of use assets and $ 0.7 million of interest on lease liabilities. Lease costs for leases with a term of less than 12 months were not material for the year ended December 31, 2025. Operating lease costs in our consolidated statement of income for the year ended December 31, 2024 were $ 85.3 million, including $ 79.7 million in selling, general and administrative expenses and $ 5.6 million in cost of services. Total lease costs for the year ended December 31, 2024 include variable lease costs of $ 13.0 million, which are primarily comprised of the cost of property taxes, insurance and maintenance. Finance lease costs for the year ended December 31, 2024 were $ 9.0 million, including $ 8.6 million of amortization on right-of use assets and $ 0.4 million of interest on lease liabilities. Lease costs for leases with a term of less than 12 months were not material for the year ended December 31, 2024. Operating lease costs in our consolidated statement of income for the year ended December 31, 2023 were $ 73.0 million, including $ 66.6 million in selling, general and administrative expenses and $ 6.4 million in cost of services. Total lease costs for the year ended December 31, 2023 include variable lease costs of $ 15.2 million, which are primarily comprised of the cost of property taxes, insurance and maintenance. Finance lease costs for the year ended December 31, 2023 were $ 11.2 million, including $ 10.5 million of amortization on right-of use assets and $ 0.7 million of interest on lease liabilities. Lease costs for leases with a term of less than 12 months were not material for the year ended December 31, 2023. 93 Table of Contents The following cash flow discussion relates to continuing and discontinued operations. Cash paid for amounts included in the measurement of operating lease liabilities for the years ended December 31, 2025, 2024 and 2023 was $ 62.7 million, $ 62.2 million and $ 78.3 million, respectively, which are included as a component of cash provided by operating activities in the consolidated statements of cash flows. Operating lease liabilities arising from obtaining new or modified right-of-use assets, net of reductions resulting from certain lease modifications, were $ 56.2 million, $ 22.7 million and $ 28.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. Cash paid for amounts included in the measurement of finance lease liabilities that is included as a component of cash used in financing activities in the consolidated statements of cash flows was $ 21.6 million, $ 12.8 million and $ 10.4 million for the years ended December 31, 2025, 2024 and 2023, respectively. Finance lease liabilities arising from obtaining new or modified right-of-use assets, net of reductions resulting from certain lease modifications, were $ 30.1 million, $ 9.4 million for the years ended December 31, 2025 and 2024, respectively. NOTE 8 - OTHER ASSETS Visa Preferred Shares Through certain of our subsidiaries in Europe, we were a member and shareholder of Visa Europe Limited ("Visa Europe"). On June 21, 2016, Visa Inc. ("Visa") acquired all of the membership interests in Visa Europe, and we received consideration in the form of cash and Series B and C convertible preferred shares of Visa. We assigned the preferred shares a value of zero based on transfer restrictions, Visa's ability to adjust the conversion rate and the estimation uncertainty associated with those factors. Based on the outcome of any current or potential litigation involving Visa Europe in the United Kingdom and elsewhere in Europe, the conversion rate of the preferred shares could be adjusted down such that the number of Visa common shares we receive could be as low as zero . The Series B and C convertible preferred shares become convertible in stages based on developments in the litigation and become fully convertible no later than 2028 (subject to a holdback to cover any then pending claims). In July 2024, in connection with the third mandatory release assessment, a portion of the Series B and C convertible preferred shares was converted by Visa. We recognized a gain of $ 18.8 million reported in interest and other income in our consolidated statement of income for the year ended December 31, 2024 based on the fair value of the shares received and subsequently sold. In August 2025, in connection with the fourth mandatory release assessment, a portion of the Series B and C convertible preferred shares was converted by Visa. We recognized a gain of $ 8.9 million reported in interest and other income in our consolidated statement of income for the year ended December 31, 2025 based on the fair value of the shares received and subsequently sold. The remaining Series B and C convertible preferred shares continue to be carried at an assigned value of zero based on the aforementioned factors. In addition, through the acquisition of EVO in 2023, we obtained Series A and C convertible preferred shares of Visa. The Series C preferred shares are carried at an assigned value of zero based on the aforementioned factors. The Series A convertible preferred shares were not restricted and were convertible into a fixed number of Visa Class A common shares. In November 2023, the Series A convertible preferred shares were converted into a fixed number of Visa Class A common shares and sold for cash proceeds of $ 42.1 million. Prior to sale, the Visa Class A common shares were presented at fair value in our consolidated balance sheet with changes in fair value recognized in interest and other income in our consolidated statement of income. 94 Table of Contents NOTE 9— LONG-TERM DEBT AND LINES OF CREDIT As of December 31, 2025 and 2024, long-term debt consisted of the following: December 31, 2025 December 31, 2024 (in thousands) Long-term Debt 2.650 % senior notes due February 15, 2025 $ — $ 999,791 1.200 % senior notes due March 1, 2026 1,099,681 1,097,764 4.800 % senior notes due April 1, 2026 752,825 764,125 2.150 % senior notes due January 15, 2027 748,697 747,447 4.950 % senior notes due August 15, 2027 498,406 497,425 4.450 % senior notes due June 1, 2028 460,619 465,012 4.500 % senior notes due November 15, 2028 1,738,918 — 3.200 % senior notes due August 15, 2029 1,244,291 1,242,715 5.300 % senior notes due August 15, 2029 497,462 496,762 2.900 % senior notes due May 15, 2030 994,879 993,708 4.875 % senior notes due November 15, 2030 1,685,351 — 2.900 % senior notes due November 15, 2031 745,072 744,233 5.400 % senior notes due August 15, 2032 744,552 743,730 5.200 % senior notes due November 15, 2032 990,181 — 5.550 % senior notes due November 15, 2035 1,730,061 — 4.150 % senior notes due August 15, 2049 741,572 741,215 5.950 % senior notes due August 15, 2052 739,374 738,975 4.875 % senior notes due March 17, 2031 932,686 820,952 1.000 % convertible senior notes due August 15, 2029 1,470,029 1,461,761 1.500 % convertible senior notes due March 1, 2031 1,975,407 1,970,577 Revolving credit facility 1,515,000 1,500,000 Finance lease liabilities 21,267 10,921 Other borrowings 135,974 60,667 Total long-term debt 21,462,304 16,097,780 Less current portion 1,920,792 1,018,327 Long-term debt, excluding current portion $ 19,541,512 $ 15,079,453 The carrying amounts of our senior notes and convertible notes in the table above are presented net of unamortized discount and unamortized debt issuance costs, as applicable. At December 31, 2025, the unamortized discount on senior notes and convertible notes was $ 71.6 million, and unamortized debt issuance costs on senior notes and convertible notes were $ 91.5 million. At December 31, 2024, the unamortized discount on senior notes and convertible notes was $ 38.5 million and unamortized debt issuance costs on senior notes and convertible notes were $ 92.8 million. The portion of unamortized debt issuance costs related to revolving credit facilities is included in other noncurrent assets. At December 31, 2025 and 2024, unamortized debt issuance costs on the unsecured revolving credit facility were $ 20.7 million and $ 13.4 million, respectively. The amortization of debt discounts and debt issuance costs is recognized as an increase to interest expense over the terms of the respective debt instruments. Amortization of discounts and debt issuance costs was $ 30.5 million, $ 31.5 million and $ 27.0 million, respectively, for years ended December 31, 2025, 2024 and 2023. 95 Table of Contents At December 31, 2025, future maturities of long-term debt (excluding finance lease liabilities) are as follows by year (in thousands): Year ending December 31, 2026 $ 1,890,472 2027 1,292,061 2028 2,213,142 2029 3,250,130 2030 4,215,671 2031 and thereafter 8,689,725 Total $ 21,551,201 See "Note 7—Leases" for more information about our finance lease liabilities, including maturities. Senior Notes We have $ 16.4 billion in aggregate principal amount of senior unsecured notes outstanding, as presented in the table above, which are comprised of senior notes issued in 2025, 2023, 2022, 2021, 2020 and 2019, and senior notes assumed in our merger with Total System Services, Inc. ("TSYS") in September 2019 (the "TSYS Merger"). Interest on the senior notes is payable annually or semi-annually at various dates. Each series of the senior notes is redeemable, at our option, in whole or in part, at any time and from time to time at the redemption prices set forth in the related indenture. On November 14, 2025, we issued $ 6.2 billion aggregate principal amount of senior unsecured notes consisting of the following: (i) $ 1.75 billion aggregate principal amount of 4.500 % senior notes due November 2028; (ii) $ 1.7 billion aggregate principal amount of 4.875 % senior notes due November 2030; (iii) $ 1.0 billion aggregate principal amount of 5.200 % senior notes due November 2032; and (iv) $ 1.75 billion aggregate principal amount of 5.550 % senior notes due November 2035. We incurred debt issuance costs of $ 56.8 million, including underwriting fees, professional services fees and registration fees, which were capitalized and reflected as a reduction of the related carrying amount of the notes in our consolidated balance sheet. Interest on the senior unsecured notes is payable semi-annually on May 15 and November 15 of each year, commencing May 15, 2026. The notes are unsecured and unsubordinated indebtedness and rank equally in right of payment with all of our other outstanding unsecured and unsubordinated indebtedness. The debt issuance was completed in connection with our planned acquisition of Worldpay. On March 17, 2023, we issued € 800 million aggregate principal amount of 4.875 % senior unsecured notes due March 2031 and received net proceeds of € 790.6 million, or $ 843.6 million based on the exchange rate on the issuance date. We issued the senior notes at a discount of $ 2.8 million, and we incurred debt issuance costs of $ 7.2 million, including underwriting fees, professional services fees and registration fees, which were capitalized and reflected as a reduction of the related carrying amount of the notes in our consolidated balance sheet. Interest on the senior unsecured notes is payable annually in arrears on March 17 of each year, commencing March 17, 2024. The notes are unsecured and unsubordinated indebtedness and rank equally in right of payment with all of our other outstanding unsecured and unsubordinated indebtedness. The net proceeds from the offering were used for general corporate purposes. 96 Table of Contents On August 22, 2022, we issued $ 2.5 billion aggregate principal amount of senior unsecured notes consisting of the following: (i) $ 500.0 million aggregate principal amount of 4.950 % senior notes due August 2027; (ii) $ 500.0 million aggregate principal amount of 5.300 % senior notes due August 2029; (iii) $ 750.0 million aggregate principal amount of 5.400 % senior notes due August 2032; and (iv) $ 750.0 million aggregate principal amount of 5.950 % senior notes due August 2052. We issued the senior notes at a total discount of $ 5.2 million, and we incurred debt issuance costs of $ 24.8 million, including underwriting fees, fees for professional services and registration fees, which were capitalized and reflected as a reduction of the related carrying amount of the notes in our consolidated balance sheet. Interest on the senior unsecured notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing February 15, 2023. The notes are unsecured and unsubordinated indebtedness and rank equally in right of payment with all of our other outstanding unsecured and unsubordinated indebtedness. The net proceeds from the offering were used to refinance the outstanding indebtedness under our credit facility, to make cash payments and pay transaction fees and expenses in connection with the acquisition of EVO and for general corporate purposes. On November 22, 2021, we issued $ 2.0 billion aggregate principal amount of senior unsecured notes consisting of the following: (i) $ 500.0 million aggregate principal amount of 1.500 % senior notes due November 2024; (ii) $ 750.0 million aggregate principal amount of 2.150 % senior notes due January 2027; and (iii) $ 750.0 million aggregate principal amount of 2.900 % senior notes due November 2031. We incurred debt issuance costs of approximately $ 14.4 million, including underwriting fees, fees for professional services and registration fees, which were capitalized and reflected as a reduction of the related carrying amount of the notes in our consolidated balance sheet. Interest on the senior unsecured notes is payable semi-annually in arrears on May 15 and November 15 for the 2024 and 2031 notes and January 15 and July 15 on the 2027 note, commencing May 15, 2022 for the 2024 note and the 2031 note and July 15, 2022 for the 2027 note. The notes are unsecured and unsubordinated indebtedness and rank equally in right of payment with all of our other outstanding unsecured and unsubordinated indebtedness. We used the net proceeds from the offering to repay the outstanding indebtedness under our prior credit facility and for general corporate purposes. In November 2024, we repaid our $ 500.0 million aggregate principal amount of 1.500 % senior notes upon maturity. On February 26, 2021, we issued $ 1.1 billion aggregate principal amount of 1.200 % senior unsecured notes due March 2026. We incurred debt issuance costs of approximately $ 8.6 million, including underwriting fees, fees for professional services and registration fees, which were capitalized and reflected as a reduction of the related carrying amount of the notes in our consolidated balance sheet. Interest on the notes is payable semi-annually in arrears on March 1 and September 1 of each year, commencing September 1, 2021. The notes are unsecured and unsubordinated indebtedness and rank equally in right of payment with all of our other outstanding unsecured and unsubordinated indebtedness. We used the net proceeds from this offering to fund the redemption in full of the 3.800 % senior unsecured notes due April 2021, to repay a portion of the outstanding indebtedness under our prior credit facility and for general corporate purposes. On May 15, 2020, we issued $ 1.0 billion in aggregate principal amount of 2.900 % senior unsecured notes due May 2030. Interest on the notes is payable semi-annually in arrears on May 15 and November 15 of each year, commencing November 15, 2020. The notes are unsecured and unsubordinated indebtedness and rank equally in right of payment with all of our other outstanding unsecured and unsubordinated indebtedness. We issued the senior notes at a total discount of $ 3.3 million and capitalized related debt issuance costs of $ 8.4 million. On August 14, 2019, we completed the public offering and issuance of $ 3.0 billion in aggregate principal amount of senior unsecured notes, consisting of the following: (i) $ 1.0 billion aggregate principal amount of 2.650 % senior notes due 2025, which were redeemed in February 2025; (ii) $ 1.25 billion aggregate principal amount of 3.200 % senior notes due 2029; and (iii) $ 750.0 million aggregate principal amount of 4.150 % senior notes due 2049. Interest on the senior notes is payable semi-annually in arrears on each February 15 and August 15, beginning on February 15, 2020. Each series of the senior notes is redeemable, at our option, in whole or in part, at any time and from time to time at the redemption prices set forth in the related indenture. We issued the senior notes at a total discount of $ 6.1 million and capitalized related debt issuance costs of $ 29.6 million. In addition, in connection with the TSYS Merger on September 18, 2019, we assumed $ 3.0 billion aggregate principal amount of senior unsecured notes of TSYS, consisting of the following: (i) $ 750.0 million aggregate principal amount of 3.800 % senior notes due 2021, which were redeemed in February 2021; (ii) $ 550.0 million aggregate principal amount of 3.750 % senior notes due 2023, which were redeemed in June 2023; (iii) $ 550.0 million aggregate principal amount of 4.000 % 97 Table of Contents senior notes due 2023, which were redeemed in June 2023; (iv) $ 750 million aggregate principal amount of 4.800 % senior notes due 2026; and (v) $ 450 million aggregate principal amount of 4.450 % senior notes due 2028. For the 4.800 % senior notes due 2026, interest is payable semi-annually each April 1 and October 1. For the 4.450 % senior notes due 2028, interest is payable semi-annually each June 1 and December 1. Convertible Notes 1.500 % Convertible Notes due March 1, 2031 On February 23, 2024, we issued $ 2.0 billion in aggregate principal amount of 1.500 % convertible senior notes due March 2031 through a private placement. The net proceeds from this offering were approximately $ 1.97 billion reflecting debt issuance costs of $ 33.5 million, which were capitalized and reflected as a reduction of the related carrying amount of the convertible notes in our consolidated balance sheet. Interest on the convertible notes is payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2024, to the holders of record on the preceding February 15 and August 15, respectively. Prior to December 1, 2030, the notes are convertible at the option of the holders only under certain conditions, including: (i) if the last reported sale price of our common stock has been at least 130 % of the conversion price for at least 20 trading days within the last 30 consecutive trading days of the immediately preceding calendar quarter; (ii) for a five business day period following a ten -day consecutive trading period where the trading price of the notes is less than 98 % of the product of the last reported sale price of our common stock and the conversion rate; (iii) if we call any or all of the notes for redemption; or (iv) upon the occurrence of certain corporate events. On or after December 1, 2030, the notes are convertible at the option of the holders at any time until the second scheduled trading day prior to the maturity date. The notes are convertible into cash and shares of our common stock based on a conversion rate of 6.371 shares of common stock per $1,000 principal amount of the convertible notes (which is equal to a conversion price of approximately $ 156.96 per share), subject to customary adjustments upon the occurrence of certain events. Upon conversion, the principal amount of, and interest due on, the convertible notes are required to be settled in cash and any other amounts may be settled in shares, cash or a combination of shares and cash at our election. We may not redeem the notes prior to March 6, 2028. On or after March 6, 2028, we have the option to redeem all or any portion of the notes for cash if the last reported sale price of our common stock has been at least 130 % of the conversion price for at least 20 trading days within the last 30 consecutive trading day period at a redemption price equal to 100 % of the principal amount of the notes to be redeemed, plus accrued and unpaid interest. If certain corporate events that constitute a fundamental change (as defined in the indenture governing the notes) occur, any holder of the notes may require that we repurchase all or a portion of their notes for cash at a purchase price equal to 100 % of the principal amount of the notes to be repurchased plus accrued and unpaid interest. In addition, if certain corporate events that constitute a make-whole fundamental change (as defined in the indenture governing the notes) occur, then the conversion rate will in certain circumstances be increased. The notes include customary covenants for notes of this type, as well as customary events of default, which may result in the acceleration of the maturity of the convertible notes. In connection with the issuance of the notes, we entered into privately negotiated capped call transactions with certain of the initial purchasers of the notes and other financial institutions to cover, subject to customary adjustments, the number of shares of common stock initially underlying the notes. The economic effect of the capped call transactions is to hedge the potential dilutive effect upon the conversion of the notes, or offset our cash obligation if the cash settlement option is elected, for amounts in excess of the principal amount of converted notes subject to a cap. The initial cap price of the capped call transactions is $ 228.90 per share. The capped call transactions meet the accounting criteria to be reflected in stockholders’ equity and not accounted for as derivatives. The cost of $ 256.3 million incurred in connection with the capped call transactions was reflected as a reduction to paid-in-capital in our consolidated balance sheet as of December 31, 2024, net of applicable income taxes. 98 Table of Contents 1.000 % Convertible Notes due August 15, 2029 On August 8, 2022, we issued $ 1.5 billion in aggregate principal amount of 1.000 % convertible unsecured senior notes due August 2029 in a private placement pursuant to an investment agreement with Silver Lake Partners. The net proceeds from this offering were approximately $ 1.44 billion, reflecting an issuance discount of $ 37.5 million and $ 20.4 million of debt issuance costs, which were capitalized and reflected as a reduction of the related carrying amount of the convertible notes in our consolidated balance sheet. Interest on the convertible notes is payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2023, to the holders of record on the preceding February 1 and August 1, respectively. The notes are convertible at the option of the holder at any time after the date that is 18 months after issuance (or earlier, upon the occurrence of certain corporate events) until the scheduled trading day prior to the maturity date and are presented within long-term debt in our consolidated balance sheet based on our intent and ability to refinance on a long-term basis should a conversion event occur. The notes are convertible into cash and shares of our common stock based on a conversion rate of 7.2095 shares of common stock per $1,000 principal amount of the convertible notes (which is equal to a conversion price of approximately $ 138.71 per share), subject to customary anti-dilution and other adjustments upon the occurrence of certain events. Upon conversion, the principal amount of, and interest due on, the convertible notes are required to be settled in cash and any other amounts may be settled in shares, cash or a combination of shares and cash at our election. The notes are not redeemable by us. If certain corporate events that constitute a fundamental change (as defined in the indenture governing the notes) occur, any holder of the notes may require that we repurchase all or any portion of their notes for cash at a purchase price of par plus accrued and unpaid interest to, but excluding, the repurchase date. In addition, if certain corporate events that constitute a make-whole fundamental change (as defined in the indenture governing the notes) occur, then the conversion rate will in certain circumstances be increased for a specified period of time. The notes include customary covenants for notes of this type, as well as customary events of default, which may result in the acceleration of the maturity of the convertible notes. On August 8, 2022, in connection with the issuance of the notes, we entered into privately negotiated capped call transactions with certain financial institutions to cover, subject to customary adjustments, the number of shares of common stock initially underlying the notes. The economic effect of the capped call transactions is to hedge the potential dilutive effect upon conversion of the notes, or offset our cash obligation if the cash settlement option is elected, up to a cap price determined based on a hedging period that commenced on August 9, 2022 and concluded on August 25, 2022. The capped call had an initial strike price of $ 140.67 per share and a cap price of $ 229.26 per share. The capped call transactions meet the accounting criteria to be reflected in stockholders’ equity and not accounted for as derivatives. The cost of $ 302.4 million incurred in connection with the capped call transactions was reflected as a reduction to paid-in-capital in our consolidated statement of changes in equity during the year ended December 31, 2022, net of applicable income taxes. Revolving Credit Facility On May 15, 2025, we entered into a credit agreement with a syndicate of financial institutions as lenders and agents. The credit agreement provides for an unsubordinated unsecured $ 7.25 billion revolving credit facility (the "Revolving Credit Facility"), of which (a) $ 5.75 billion was made available on May 15, 2025 and (b) an additional $ 1.5 billion was made available upon the closing of the acquisition of Worldpay described in "Note 1—Basis of Presentation and Summary of Significant Accounting Policies." Commitments under the Revolving Credit Facility may be increased to an aggregate amount not to exceed $ 7.5 billion. The Revolving Credit Facility matures in May 2030 and provides for up to two one-year maturity extensions. Borrowings under the Revolving Credit Facility may be repaid prior to maturity without premium or penalty, subject to payment of certain customary expenses of lenders and customary notice provisions. We capitalized debt issuance costs of $ 12.9 million during the year ended December 31, 2025 in connection with the issuances under the Revolving Credit Facility; the amount is presented in other noncurrent assets in our consolidated balance sheet. The Revolving Credit Facility replaced our previous unsubordinated unsecured $ 5.75 billion revolving credit facility (the "Prior Credit Facility"), dated as of August 19, 2022, as amended, which was scheduled to mature in August 2027. In May 2025, all borrowings outstanding under the Prior Credit Facility were either repaid or continued under the Revolving Credit Facility pursuant to the terms of the new credit agreement. The Prior Credit Facility was terminated in connection with the execution of the Revolving Credit Facility. 99 Table of Contents Borrowings under the Revolving Credit Facility will be available to be made in U.S. dollars, euros, sterling, Canadian dollars and, subject to certain conditions, certain other currencies at our option. Borrowings under the Revolving Credit Facility will bear interest, at our option, at a rate equal to (i) for secured overnight financing rate based currencies or certain alternative currencies, a secured overnight financing rate (subject to a 0.00 % floor) or an alternative currency term rate (subject to a 0.00 % floor), as applicable, (ii) for US dollar borrowings, a base rate, (iii) for US dollar borrowings, a daily floating secured overnight financing rate (subject to a 0.00 % floor) or (iv) for certain alternative currencies, a daily alternative currency rate (subject to a 0.00 % floor), in each case, plus an applicable margin. The applicable margin for borrowings other than base rate borrowings will range from 1.000 % to 1.750 % depending on our credit rating and is initially 1.375 %. We may issue standby letters of credit of up to $ 500 million in the aggregate under the Revolving Credit Facility. Outstanding letters of credit under the Revolving Credit Facility reduce the amount of borrowings available to us. The amounts available to borrow under the Revolving Credit Facility are also determined by a financial leverage covenant. As of December 31, 2025, there were borrowings of $ 1.5 billion outstanding under the Revolving Credit Facility with an interest rate of 5.11 %, and the total available commitments under the Revolving Credit Facility were $ 4.1 billion. Committed Bridge Financing On April 17, 2025, in connection with our entry into the definitive agreement to acquire Worldpay, we obtained $ 7.7 billion in committed bridge financing, which was subsequently reduced to $ 6.2 billion on May 15, 2025 in connection with our entry into the Revolving Credit Facility. We terminated our bridge facility on November 14, 2025, and recognized deferred financing costs of approximately $ 19.0 million as interest expense for the year ended December 31, 2025. Commercial Paper In January 2023, we established a $ 2.0 billion commercial paper program under which we may issue senior unsecured commercial paper notes with maturities of up to 397 days from the date of issue. Commercial paper notes are expected to be issued at a discount from par, or they may bear interest, each at commercial paper market rates dictated by market conditions at the time of their issuance. The proceeds from issuances of commercial paper notes will be used primarily for general corporate purposes but may also be used for acquisitions, to pay dividends, for debt refinancing or for other purposes. As of December 31, 2025 and 2024, we had no net borrowings under our commercial paper program. The commercial program is backstopped by our Revolving Credit Facility, in that the amount of commercial paper notes outstanding cannot exceed the undrawn portion of our Revolving Credit Facility. As suc h, we could draw on the revolving credit facility to repay commercial paper notes that cannot be rolled over or refinanced with similar debt . Fair Value of Long-Term Debt As of December 31, 2025, our senior notes had a total carrying amount of $ 16.3 billion and an estimated fair value of $ 16.1 billion. As of December 31, 2025, our 1.500 % convertible senior notes due March 1, 2031 had a total carrying amount of $ 2.0 billion and an estimated fair value of $ 1.8 billion. The estimated fair value of our senior notes and 1.500 % convertible senior notes were based on quoted market prices in an active market and is considered to be a Level 1 measurement of the fair value hierarchy. As of December 31, 2025, our 1.000 % convertible notes had a total carrying amount of $ 1.5 billion and an estimated fair value of $ 1.4 billion. The estimated fair value of our 1.000 % convertible notes was based on a lattice pricing model and is considered to be a Level 3 measurement of the fair value hierarchy. The fair value of other long-term debt approximated its carrying amount at December 31, 2025. Compliance with Covenants The convertible notes include customary covenants and events of default for convertible notes of this type. The Revolving Credit Facility contains customary affirmative covenants and restrictive covenants, including, among others, financial covenants based on net leverage and interest coverage ratios, and customary events of default. As of December 31, 2025, the required leverage ratio was 3.75 to 1.00. We were in compliance with all applicable covenants as of December 31, 2025. 100 Table of Contents Settlement Lines of Credit In various markets where our Merchant Solutions segment does business, we have specialized lines of credit, which are restricted for use in funding settlement. The settlement lines of credit generally have variable interest rates, are subject to annual review and are denominated in local currency but may, in some cases, facilitate borrowings in multiple currencies. For certain of our lines of credit, the available credit is increased by the amount of cash we have on deposit in specific accounts with the lender. Accordingly, the amount of the outstanding lines of credit may exceed the stated credit limit. As of December 31, 2025, a total of $ 39.7 million of cash on deposit was used to determine the available credit. As of December 31, 2025, we had $ 345.0 million outstanding under these lines of credit with additional capacity to fund settlement of $ 2,943.7 million. During the year ended December 31, 2025, the maximum and average outstanding balances under these lines of credit were $ 1,401.2 million and $ 424.1 million, respectively. The weighted-average interest rate on these borrowings was 4.43 % at December 31, 2025. Interest Expense Interest expense was $ 633.5 million, $ 608.4 million and $ 627.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. NOTE 10— DERIVATIVES AND HEDGING INSTRUMENTS Net Investment Hedge We have designated our aggregate € 800 million Euro-denominated 4.875 % senior notes due March 2031 as a hedge of our net investment in our Euro-denominated operations. The purpose of the net investment hedge is to reduce the volatility of our net investment in our Euro-denominated operations due to changes in foreign currency exchange rates. Investments in foreign operations with functional currencies other than the reporting currency are subject to foreign currency risk as the assets and liabilities of these subsidiaries are translated into the reporting currency at the period-end rate of exchange with the resulting foreign currency translation adjustment presented as a component of other comprehensive income and included in accumulated comprehensive income within equity in our consolidated balance sheets. Under net investment hedge accounting, the foreign currency remeasurement gains and losses associated with our Euro-denominated senior notes are presented within the same components of other comprehensive income and accumulated comprehensive income, partially offsetting the foreign currency translation adjustment for our foreign subsidiaries. We recognized a gain (loss) on the net investment hedge of $( 84.0 ) million and $ 28.9 million within foreign currency translation adjustments in other comprehensive income in our consolidated statements of comprehensive income during the years ended December 31, 2025 and 2024, respectively. Interest Rate Swaps We have interest rate swap agreements with financial institutions to hedge changes in cash flows attributable to interest rate risk on a portion of our variable-rate debt instruments. In the first quarter of 2023, we entered into new interest rate swap agreements with an aggregate notional amount of $ 1.5 billion to convert eligible borrowings under our revolving credit facility from a floating term Secured Overnight Financing Rate to a fixed rate. Net amounts to be received or paid under the swap agreements are reflected as adjustments to interest expense. Since we have designated the interest rate swap agreements as cash flow hedges, unrealized gains or losses resulting from adjusting the swaps to fair value are recognized as components of other comprehensive income. The fair values of our interest rate swaps are determined based on the present value of the estimated future net cash flows using implied rates in the applicable yield curve as of the valuation date. These derivative instruments are classified within Level 2 of the fair value hierarchy. Upon issuance of our senior unsecured notes in August 2019, we made settlement payments of $ 48.3 million related to the termination of forward-starting interest rate swap agreements designated as cash flow hedges, for which the effective portion of 101 Table of Contents the unrealized losses on the swaps was included in other comprehensive loss. We have and will continue to reclassify the effective portion of the realized loss from accumulated other comprehensive loss into interest expense over the terms of the related senior notes. The table below presents information about our interest rate swaps, designated as cash flow hedges, included in the consolidated balance sheets: Fair Values Derivative Financial Instruments Balance Sheet Location Weighted-Average Fixed Rate of Interest at December 31, 2025 Range of Maturity Dates at December 31, 2025 December 31, 2025 December 31, 2024 (in thousands) Interest rate swaps (Notional of $ 1.5 billion at December 31, 2025 and December 31, 2024) Other noncurrent liabilities 4.26 % April 17, 2027 - August 17, 2027 $ 18,872 $ 7,768 The table below presents the effects of our interest rate swaps on the consolidated statements of income and statements of comprehensive income for the years ended December 31, 2025, 2024 and 2023: Years Ended December 31, 2025 2024 2023 (in thousands) Net unrealized gains (losses) recognized in other comprehensive income (loss) $ ( 11,441 ) $ 34,399 $ ( 19,683 ) Net unrealized gains (losses) reclassified out of other comprehensive income (loss) to interest expense ( 4,727 ) 8,731 4,609 As of December 31, 2025, the amount of net unrealized losses in accumulated other comprehensive loss related to our interest rate swaps that is expected to be reclassified into interest expense during the next 12 months was $ 22.2 million. Treasury Locks During the year ended December 31, 2025, we entered into $ 1.5 billion in notional treasury lock derivative instruments to hedge interest rate risk in anticipation of our future issuance of fixed rate notes at an average fixed rate of 4.53 %. Each of these treasury locks was designated as a cash flow hedge of a forecasted transaction, and unrealized gains or losses resulting from adjusting the treasury locks to fair value were recognized as a component of other comprehensive income (loss). The fair value of the treasury locks was determined based on the present value of the estimated future net cash flows using implied rates in the applicable yield curve as of the valuation date. These derivative instruments were classified within Level 2 of the fair value hierarchy. Upon issuance of our senior unsecured notes in November 2025, we terminated the treasury locks. Accumulated other comprehensive loss from the termination of treasury locks will be amortized to interest expense over future periods. We recognized a deferred settlement liability upon termination of the treasury locks, payable in three equal installments over a 3-year period ending September 2028. The settlement liability was $ 53.1 million at December 31, 2025. 102 Table of Contents The table below presents the effects of our treasury locks on our consolidated statements of comprehensive income: Year Ended December 31, 2025 (in thousands) Net unrealized losses recognized in other comprehensive income (loss) $ ( 53,120 ) Net unrealized losses reclassified out of other comprehensive income (loss) to interest expense ( 618 ) NOTE 11— ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As of December 31, 2025 and 2024, accounts payable and accrued liabilities consisted of the following: 2025 2024 (in thousands) Funds held for customers $ 620,205 $ 938,971 Trade accounts payable 278,091 254,292 Payment network fees 250,276 221,864 Compensation and benefits 224,727 228,209 Interest 204,319 171,220 Contract liabilities 177,452 202,366 Income taxes 117,509 207,554 Third-party commissions 89,140 86,947 Miscellaneous taxes and withholdings 72,966 58,624 Operating leases 58,065 59,820 Third-party processing fees 41,410 36,251 Audit and legal 29,065 15,575 Unclaimed property 19,570 24,406 Current portion of accrued buyout liability (1) 6,278 14,358 Other 471,063 315,844 $ 2,660,136 $ 2,836,301 (1) The noncurrent portion of accrued buyout liability of $ 23.5 million is included in other noncurrent liabilities in the consolidated balance sheet as of December 31, 2024. During the year ended December 31, 2024, certain actions were taken to align our workforce to our new operating model. During the year ended December 31, 2024, we recognized charges for employee termination benefits of $ 99.6 million, which included $ 19.4 million of share-based compensation expense. These charges are presented within selling, general and administrative expenses in our consolidated statements of income and included within Corporate expenses for segment reporting purposes. 103 Table of Contents NOTE 12— INCOME TAX The income tax expense for the years ended December 31, 2025, 2024 and 2023 consisted of the following: Years Ended December 31, 2025 2024 2023 (in thousands) Current income tax expense (benefit): Federal $ 282,092 $ 289,893 $ 290,887 State 73,817 60,358 78,459 Foreign 179,523 191,762 196,384 535,432 542,013 565,730 Deferred income tax expense (benefit): Federal ( 174,619 ) ( 192,569 ) ( 253,489 ) State ( 10,388 ) ( 36,605 ) ( 38,131 ) Foreign ( 98,868 ) ( 71,326 ) ( 87,593 ) ( 283,875 ) ( 300,500 ) ( 379,213 ) $ 251,557 $ 241,513 $ 186,517 Income tax expense allocated to noncontrolling interests was $ 14.9 million, $ 15.4 million and $ 11.8 million for the years ended December 31, 2025, 2024 and 2023, respectively. The following table presents income (loss) before income taxes for the years ended December 31, 2025, 2024 and 2023: Years Ended December 31, 2025 2024 2023 (in thousands) United States $ 884,390 $ 1,004,292 $ 251,396 Foreign 375,729 526,024 530,266 $ 1,260,119 $ 1,530,316 $ 781,662 Approximately $ 66.7 million of our undistributed foreign earnings are considered to be indefinitely reinvested outside the United States as of December 31, 2025. Because those earnings are considered to be indefinitely reinvested, no deferred income taxes have been provided thereon. If we were to make a distribution of any portion of those earnings in the form of dividends or otherwise, any such amounts would be subject to withholding taxes payable to various foreign jurisdictions; however, the amounts would not be subject to any additional U.S. income tax. 104 Table of Contents Our effective tax rates for the years ended December 31, 2025, 2024 and 2023 differ from the federal statutory rate for those periods as follows: Years Ended December 31, 2025 2024 2023 Amount Rate Amount Rate Amount Rate (in thousands) (in thousands) (in thousands) Income from continuing operations before income taxes and equity in income of equity method investments $ 1,260,119 $ 1,530,316 $ 781,662 Federal U.S. statutory rate 264,625 21.0 % 321,366 21.0 % 164,149 21.0 % Federal tax effects: Tax credits: Research and development tax credits ( 24,315 ) ( 1.9 ) % ( 29,100 ) ( 1.9 ) % ( 31,373 ) ( 4.0 ) % Transferable energy credits ( 18,000 ) ( 1.4 ) % — — % — — % Other ( 412 ) — % ( 548 ) — % ( 1,070 ) ( 0.1 ) % Nontaxable or nondeductible items: Nondeductible executive compensation 6,053 0.5 % 6,470 0.4 % 10,772 1.4 % Other 4,985 0.4 % 570 — % 451 0.1 % Cross-border tax laws: Global intangible low-taxed income 18,683 1.5 % 25,261 1.7 % 32,921 4.2 % Subpart F income 12,790 1.0 % 20,076 1.3 % 19,800 2.5 % Foreign branches ( 92,447 ) ( 7.3 ) % ( 132,991 ) ( 8.7 ) % ( 98,592 ) ( 12.6 ) % Foreign-derived intangible income ( 5,497 ) ( 0.4 ) % ( 7,956 ) ( 0.5 ) % ( 5,164 ) ( 0.7 ) % Base Erosion Anti-Abuse Tax 18,269 1.4 % — — % — — % Other reconciling items: Gain/loss on dispositions and restructuring 100,711 8.0 % — — % 50,470 6.5 % Share-based compensation 5,887 0.5 % 2,317 0.2 % 9,729 1.2 % Other ( 22,595 ) ( 1.8 ) % 2,146 0.1 % 5,861 0.7 % Changes in valuation allowances ( 59,205 ) ( 4.7 ) % ( 6,727 ) ( 0.4 ) % ( 1,582 ) ( 0.2 ) % State income taxes, net of federal effect (1) 50,790 4.0 % 16,216 1.1 % 28,903 3.7 % Foreign tax effects: Hong Kong: Nontaxable or nondeductible items ( 1,951 ) ( 0.2 ) % ( 16,172 ) ( 1.1 ) % ( 7,004 ) ( 0.9 ) % Other 859 — % ( 3,310 ) ( 0.3 ) % 2,909 0.4 % Spain 13,749 1.1 % 960 0.1 % 9,050 1.2 % Other foreign jurisdictions ( 13,499 ) ( 1.1 ) % 29,029 1.9 % ( 7,565 ) ( 1.0 ) % Changes in unrecognized tax benefits ( 7,923 ) ( 0.6 ) % 13,906 0.9 % 3,852 0.5 % Effective tax rate $ 251,557 20.0 % $ 241,513 15.8 % $ 186,517 23.9 % 105 Table of Contents (1) California, Pennsylvania and New York make up the majority (greater than 50 percent) of the state income tax expense, net of federal income tax effect category for the year ended December 31, 2025. California, Arizona, New York and New Jersey make up the majority of the state income tax expense, net of federal income tax effect category for the year ended December 31, 2024. California, Oklahoma, Pennsylvania, New Jersey and New York make up the majority of the state income tax expense, net of federal income tax effect category for the year ended December 31, 2023. Cash paid for income taxes, net of refunds, for the years ended December 31, 2025, 2024 and 2023 was as follows: Years Ended December 31, 2025 2024 2023 (in thousands) U.S. Federal $ 430,302 $ 284,599 $ 345,827 U.S. State & Local 100,691 45,329 101,515 Foreign: Mexico — 30,757 — Spain 77,905 37,246 51,563 UK 66,772 67,676 81,238 Other 110,597 57,656 60,641 Total $ 786,267 $ 523,263 $ 640,784 106 Table of Contents Deferred income taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax laws and rates. Deferred income taxes as of December 31, 2025 and 2024 reflect the effect of temporary differences between the amounts of assets and liabilities for financial accounting and income tax purposes. As of December 31, 2025 and 2024, principal components of deferred tax items were as follows: 2025 2024 (in thousands) Deferred income tax assets: Research and development costs $ 274,914 $ 286,688 Foreign net operating loss carryforwards 287,647 222,076 Credits 281,915 200,474 Financial instruments 132,304 110,621 Lease liabilities 71,989 69,884 Accrued expenses 46,664 48,985 Share-based compensation expense 33,886 33,683 Domestic net operating loss carryforwards 23,075 28,628 Other 160,633 99,495 1,313,027 1,100,534 Valuation allowance ( 173,836 ) ( 241,197 ) 1,139,191 859,337 Deferred tax liabilities: Acquired intangibles 1,236,865 1,238,613 Partnership interests 687,785 646,915 Property and equipment 386,355 367,078 Held for sale 157,989 — Right-of-use assets 37,877 42,430 Other 66,394 50,336 2,573,265 2,345,372 Net deferred income tax liability $ 1,434,074 $ 1,486,035 The net deferred income taxes reflected in our consolidated balance sheets as of December 31, 2025 and 2024 are as follows: 2025 2024 (in thousands) Noncurrent deferred income tax asset $ ( 171,430 ) $ ( 98,386 ) Noncurrent deferred income tax liability 1,605,504 1,584,421 Net deferred income tax liability $ 1,434,074 $ 1,486,035 107 Table of Contents A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Changes to our valuation allowance during the years ended December 31, 2025, 2024 and 2023 are summarized below (in thousands): Balance at December 31, 2022 $ ( 110,043 ) Allowance for foreign net operating losses ( 674 ) Allowance for foreign tax credits ( 101,271 ) Allowance for state tax credits 3,079 Allowance for state interest limitation ( 2,335 ) Allowance for domestic net operating losses 195 Balance at December 31, 2023 ( 211,049 ) Allowance for foreign net operating losses ( 12,533 ) Allowance for foreign tax credits ( 16,975 ) Allowance for state tax credits ( 463 ) Allowance for state interest limitation ( 177 ) Balance at December 31, 2024 ( 241,197 ) Allowance for foreign net operating losses 4,763 Allowance for foreign tax credits 56,692 Allowance for state tax credits 2,966 Allowance for state interest limitation 2,513 Allowance for domestic net operating losses 427 Balance at December 31, 2025 $ ( 173,836 ) The change in the valuation allowance for the year ended December 31, 2025 is primarily related to foreign and state tax credits, foreign net operating loss carryforwards, and state interest deduction carryforwards that were determined more likely than not to be realized. The change in the valuation allowance for the year ended December 31, 2024 is primarily related to increases related to foreign tax credits and foreign net operating loss carryforwards. The change in the valuation allowance for the year ended December 31, 2023 is primarily related to anticipatory foreign tax credits and state interest deduction carryforwards offset by recognition of state tax credit carryforwards determined more likely than not to be realized. Foreign net operating loss carryforwards of $ 106.5 million will expire between December 31, 2026 and December 31, 2045, if not utilized. Foreign net operating loss carryforwards of $ 181.1 million have indefinite carryforward periods. Domestic net operating loss carryforwards of $ 23.0 million and tax credit carryforwards of $ 192.5 million will expire between December 31, 2026 and December 31, 2045, if not utilized. We conduct business globally and file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, we are subject to examination by taxing authorities around the world. We are no longer subject to state income tax examinations for years ended on or before December 31, 2015, U.S. federal income tax examinations for years ended on or before December 31, 2016 and international corporation tax examinations for years ended on or before December 31, 2020. 108 Table of Contents A reconciliation of the beginning and ending amounts of unrecognized income tax benefits, excluding penalties and interest, for the years ended December 31, 2025, 2024 and 2023 is as follows: Years Ended December 31, 2025 2024 2023 (in thousands) Balance at the beginning of the year $ 58,302 $ 43,229 $ 31,315 Additions related to acquisitions — — 4,054 Reductions for income tax positions of prior years ( 12,805 ) ( 164 ) ( 887 ) Settlements with income tax authorities ( 121 ) ( 1,656 ) ( 988 ) Additions for income tax positions of prior years 1,082 9,092 1,809 Additions based on income tax positions related to the current year 6,548 7,801 7,926 Balance at the end of the year $ 53,006 $ 58,302 $ 43,229 As of December 31, 2025, the total amount of gross unrecognized income tax benefits that, if recognized, would affect the provision for income taxes is $ 51.1 million. NOTE 13— SHAREHOLDERS’ EQUITY We repurchase our common stock mainly through open market repurchase plans and, at times, through accelerated share repurchase ("ASR") programs. Information about shares repurchased and retired was as follows for the years ended December 31, 2025, 2024 and 2023: Years Ended December 31, 2025 2024 2023 (in thousands, except per share amounts) Number of shares repurchased and retired 13,171 12,730 4,065 Cost of shares repurchased, including commissions and applicable excise taxes $ 1,185,280 $ 1,565,688 $ 413,667 Average cost per share $ 89.99 $ 123.00 $ 101.77 The share repurchase activity for the year ended December 31, 2025 included the repurchase of 5,909,656 shares at an average price of $ 84.61 per share under an ASR agreement we entered into on August 6, 2025 with a financial institution to repurchase an aggregate of $ 500.0 million of our common stock during the ASR program purchase period. This ASR program was completed on September 26, 2025. The share repurchase activity for the year ended December 31, 2025 also included the repurchase of 2,449,366 shares at an average price of $ 102.07 per share under an ASR agreement we entered into on February 13, 2025 with a financial institution to repurchase an aggregate of $ 250.0 million of our common stock during the ASR program purchase period. This ASR program was completed on March 11, 2025. The share repurchase activity for the year ended December 31, 2024 included the repurchase of 1,414,759 shares using a portion of the net proceeds from our offering of 1.500 % convertible senior notes due March 2031 through privately negotiated transactions with purchasers of notes in the offering, or one of their respective affiliates. The purchase price per share of the common stock repurchased in such transactions equaled the closing price of the common stock on February 20, 2024, which was $ 130.80 per share. The share repurchase activity for the year ended December 31, 2024 also included the repurchase of 5,320,781 shares at an average price of $ 112.77 per share under an ASR agreement we entered into on October 30, 2024 with a financial institution to repurchase an aggregate of $ 600.0 million of our common stock during the ASR program purchase period. This ASR program was completed on December 20, 2024. 109 Table of Contents On August 16, 2022, the U.S. government enacted the Inflation Reduction Act into law, which, among other things, implemented a 1% excise tax on share repurchases effective beginning January 1, 2023. During the year ended December 31, 2025 and 2024, we reflected excise taxes of $ 11.8 million and $ 15.6 million, respectively, within equity as part of the cost of common stock repurchased, net of share issuances, during the period. As of December 31, 2025, the remaining amount available under our share repurchase program was $ 676.5 million. On January 29, 2026, our Board of Directors approved an increase to our existing share repurchase program authorization, which raised the total available authorization to $ 2.5 billion. On February 18, 2026, we entered into an ASR agreement to repurchase an aggregate $ 550.0 million of shares of common stock during the program purchase period, which will end prior to March 30, 2026. The total number of shares to be repurchased under the program will generally be based on the average of the daily volume-weighted average prices of our common stock during the repurchase period less a discount and subject to adjustments pursuant to the terms of the program. On January 29, 2026, our Board of Directors declared a cash dividend of $ 0.25 per share payable on March 30, 2026 to common shareholders of record as of March 9, 2026. NOTE 14— SHARE-BASED AWARDS AND OPTIONS We have granted nonqualified stock options, restricted stock and performance unit awards to key employees, officers and directors under a long-term incentive plan, which permits grants of equity to employees, officers, directors and consultants. A total of 14.0 million shares of our common stock has been reserved and made available for issuance pursuant to awards granted under the 2011 Amended and Restated Incentive Plan. In addition, a total of 12.6 million shares (subject to adjustment of one share less for every one award granted share under the 2011 Amended and Restated Plan after December 31, 2024 and prior to April 24, 2025), of our common stock has been reserved and made available for issuance pursuant to awards granted under the 2025 Incentive Plan. The following table summarizes share-based compensation expense and the related income tax benefit recognized for our share-based awards and stock options: Years Ended December 31, 2025 2024 2023 (in thousands) Share-based compensation expense from continuing operations $ 121,131 $ 137,769 $ 178,138 Share-based compensation expense from discontinued operations 32,516 26,475 30,856 Total share-based compensation expense $ 153,647 $ 164,244 $ 208,994 Total income tax benefit $ 35,950 $ 35,528 $ 48,446 The following discussion of our share-based compensation awards includes awards related to continuing and discontinued operations. Restricted Stock Restricted stock awards vest in approximately equal annual installments, generally on each of the first three or four anniversaries of the grant date or, in some cases, in one installment on the third anniversary of the grant date, in either case subject to the holder's continued service on each applicable vesting date. Restricted shares cannot be sold or transferred until they have vested. The grant date fair value of restricted stock awards, which is based on the quoted market value of our common stock on the grant date, is recognized as share-based compensation expense on a straight-line basis over the vesting period. Our restricted stock agreements provide for accelerated vesting under certain conditions. 110 Table of Contents Performance Units Certain of our executives have been granted performance-based restricted stock units ("performance units") that, after a specified performance period, may convert on a 1 -for-1 basis into shares of our common stock based upon the level of achievement of certain pre-established performance measures during the performance period and subject to the holders' continued service on the vesting date. The Compensation Committee of our Board of Directors ("Compensation Committee") establishes performance measures and may set a range of possible performance-based outcomes for performance units. Performance units are converted into shares of common stock only after the Compensation Committee certifies the level of achievement against the performance measures. Our performance unit agreements provide for accelerated vesting under certain conditions. For these awards, we recognize compensation expense on a straight-line basis over the applicable performance or service period using the grant date fair value of the award and the number of shares expected to be earned according to the level of achievement of performance measures. When the estimated number of common shares expected to be earned is changed during the performance period, we make a cumulative adjustment to share-based compensation expense based on the revised estimate. The performance periods for awards granted generally range from one to three years . The following table summarizes the changes in unvested restricted stock awards and performance units for the years ended December 31, 2025, 2024 and 2023: Shares Weighted-Average Grant-Date Fair Value (in thousands) Unvested at December 31, 2022 2,145 $ 159.04 Replacement Awards 202 98.44 Granted 1,322 112.81 Vested ( 1,041 ) 157.33 Forfeited ( 147 ) 128.18 Unvested at December 31, 2023 2,481 131.41 Granted 1,225 128.97 Vested ( 1,224 ) 140.79 Forfeited ( 230 ) 119.07 Unvested at December 31, 2024 2,252 126.07 Granted 1,614 103.15 Vested ( 1,130 ) 125.97 Forfeited ( 271 ) 112.38 Unvested at December 31, 2025 2,465 $ 110.54 The total fair value of restricted stock and performance units vested was $ 142.3 million, $ 172.3 million and $ 163.8 million for the years ended December 31, 2025, 2024 and 2023, respectively. For restricted stock and performance units, we recognized compensation expense of $ 141.3 million, $ 151.6 million and $ 186.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, there was $ 118.6 million of unrecognized compensation expense related to unvested restricted stock awards and performance units that we expect to recognize over a weighted-average period of 1.7 years. 111 Table of Contents Stock Options Stock options are granted with an exercise price equal to 100 % of fair market value of our common stock on the date of grant and have a term of ten years . Stock options vest in equal installments, generally on each of the first three or four anniversaries of the grant date, subject to the holder's continued service on each applicable vesting date. Our stock option agreements provide for accelerated vesting under certain conditions. The following table summarizes changes in stock option activity for the years ended December 31, 2025, 2024 and 2023: Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (years) (in millions) Outstanding at December 31, 2022 1,139 $ 111.75 5.4 $ 17.3 Replacement Awards 142 98.44 Granted 233 110.83 Forfeited ( 297 ) 155.35 Exercised ( 296 ) 89.08 9.4 Outstanding at December 31, 2023 921 99.54 5.0 32.1 Granted 168 127.99 Forfeited ( 77 ) 150.55 Exercised ( 234 ) 59.16 16.0 Outstanding at December 31, 2024 778 112.91 5.5 9.0 Granted 236 102.25 Forfeited ( 24 ) 112.05 Exercised ( 59 ) 62.43 1.4 Outstanding at December 31, 2025 931 $ 113.43 5.8 $ 0.6 Options vested and exercisable at December 31, 2025 577 $ 115.86 4.0 $ 0.6 We recognized compensation expense for stock options of $ 8.3 million, $ 7.5 million and $ 17.0 million during the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, we had $ 8.4 million of unrecognized compensation expense related to unvested stock options that we expect to recognize over a weighted-average period of 1.5 years. The weighted-average grant-date fair value of stock options granted, including replacement awards granted in connection with the EVO acquisition, during the years ended December 31, 2025, 2024 and 2023 was $ 43.20 , $ 53.19 and $ 46.17 , respectively. Fair value was estimated on the date of grant using the Black-Scholes valuation model with the following weighted-average assumptions: Years Ended December 31, 2025 2024 2023 Risk-free interest rate 4.01 % 4.13 % 3.84 % Expected volatility 46 % 45 % 45 % Dividend yield 0.88 % 0.90 % 0.81 % Expected term (years) 5 5 5 112 Table of Contents The risk-free interest rate was based on the yield of a zero coupon U.S. Treasury security with a maturity equal to the expected life of the option from the date of the grant. Our assumption on expected volatility was based on our historical volatility. The dividend yield assumption was determined using our average stock price over the preceding year and the annualized amount of our most current quarterly dividend per share. We based our assumptions on the expected term of the options on our analysis of the historical exercise patterns of the options and our assumption on the future exercise pattern of options. NOTE 15— SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow disclosures (inclusive of discontinued operations) for the years ended December 31, 2025, 2024 and 2023 are as follows: Years Ended December 31, 2025 2024 2023 (in thousands) Income taxes paid, net of refunds $ 786,267 $ 523,263 $ 640,784 Interest paid $ 575,185 $ 618,865 $ 603,486 NOTE 16— NONCONTROLLING INTERESTS The following table presents the reconciliation of net income attributable to noncontrolling interests to comprehensive income attributable to noncontrolling interests, including discontinued operations, for the years ended December 31, 2025, 2024 and 2023: Years Ended December 31, 2025 2024 2023 (in thousands) Net income attributable to noncontrolling interests $ 55,940 $ 73,788 $ 42,590 Foreign currency translation attributable to noncontrolling interests 112,511 ( 54,468 ) 50,397 Comprehensive income attributable to noncontrolling interests $ 168,451 $ 19,320 $ 92,987 During the year ended December 31, 2024, we paid $ 108.8 million to acquire the remaining 45.23 % interest for 100 % ownership in one of our majority-owned subsidiaries in Europe. The transaction resulted in a reduction in equity attributable to noncontrolling interests of approximately $ 37.7 million and a reduction in total equity attributable to Global Payments of approximately $ 71.1 million. The net effects of the transaction include a reclassification of an accumulated other comprehensive gain related to foreign currency translation of $ 0.7 million from noncontrolling interests to equity attributable to Global Payments. During the year ended December 31, 2023, we received $ 26.2 million from a noncontrolling shareholder in exchange for a 20 % ownership interest in one of our majority-owned subsidiaries in Spain, which resulted in a reallocation between equity attributable to Global Payments and equity attributable to noncontrolling interests. Redeemable Noncontrolling Interests The portions of equity in certain of our consolidated subsidiaries that are not attributable, directly or indirectly, to us, are redeemable upon the occurrence of an event that is not solely within our control. We hold a 51 % controlling interest in our subsidiary in Germany. Under the shareholder agreement, the minority shareholder has the option to compel us to purchase their shares at fair market value upon the occurrence of a specific change in control event. As of December 31, 2025, the option is not considered probable of becoming redeemable. We also own 51 % of our subsidiary in Greece and 50.1 % of our subsidiary in Chile. Under the respective shareholder agreements, the minority 113 Table of Contents shareholders have the option to compel us to purchase their shares at a price per share based on the fair value of the shares, or under certain circumstances for our subsidiary in Greece, at a price determined by calculations stipulated in the shareholder agreement. The options have no expiration date. Because the exercise of each of these redemption options is not solely within our control, the redeemable noncontrolling interests are presented in the mezzanine section between total liabilities and shareholders’ equity, as temporary equity, in our consolidated balance sheets. The redeemable noncontrolling interest for each subsidiary is reflected at the higher of: (i) the initial carrying amount, increased or decreased for the noncontrolling interest's share of comprehensive income (loss), capital contributions and distributions or (ii) the redemption price. The option held by the minority shareholder in Greece, which is redeemable at a price other than fair value, is considered probable of becoming redeemable on June 30, 2026. In determining the measurement method of redemption price, we have elected to accrete changes in the redemption price over the period from the date of issuance to the earliest redemption date of the instrument using the effective interest method, applied prospectively. Redemption price increases (decreases) recognized in net income attributable to noncontrolling interests in our consolidated statements of income were $( 0.7 ) million and $ 20.0 million for the years ended December 31, 2025 and 2024, respectively. In addition, we own 66 % of our subsidiary in Poland. The redemption option held by the minority shareholder in Poland expired on January 1, 2024, and the redeemable noncontrolling interest was reclassified to nonredeemable noncontrolling interest in the consolidated balance sheet as of January 1, 2024. NOTE 17— ACCUMULATED OTHER COMPREHENSIVE LOSS The changes in the accumulated balances for each component of other comprehensive income (loss) were as follows for the years ended December 31, 2025, 2024 and 2023: Foreign Currency Translation Gains (Losses) Net Unrealized Gains (Losses) on Hedging Activities Other Accumulated Other Comprehensive Loss (in thousands) Balance at December 31, 2022 $ ( 380,584 ) $ ( 22,420 ) $ ( 2,965 ) $ ( 405,969 ) Other comprehensive income (loss) 165,044 ( 18,439 ) 439 147,044 Balance at December 31, 2023 ( 215,540 ) ( 40,859 ) ( 2,526 ) ( 258,925 ) Other comprehensive income (loss) ( 374,388 ) 19,441 141 ( 354,806 ) Effect of purchase of subsidiary shares from noncontrolling interest 739 — — 739 Balance at December 31, 2024 ( 589,189 ) ( 21,418 ) ( 2,385 ) ( 612,992 ) Other comprehensive income (loss) 531,340 ( 44,795 ) 240 486,785 Balance at December 31, 2025 $ ( 57,849 ) $ ( 66,213 ) $ ( 2,145 ) $ ( 126,207 ) Other comprehensive income (loss) attributable to noncontrolling interests, which relates only to foreign currency translation, was $ 112.5 million, $( 54.5 ) million and $ 50.4 million for the years ended December 31, 2025, 2024 and 2023, respectively. NOTE 18— SEGMENT INFORMATION Information About Profit and Assets We report the results of our Issuer Solutions business as a discontinued operation and therefore, no longer present Issuer Solutions as a reportable segment. Segment information presented below is based on our Merchant Solutions reportable segment. See "Note 3—Business Dispositions and Discontinued Operations" for further discussion regarding the divestiture of our Issuer Solutions business. As described in "Note 3—Business Dispositions and Discontinued Operations," during the 114 Table of Contents second quarter of 2023, we completed the sale of the consumer portion of our Netspend business, which comprised our former Consumer Solutions segment. Our former Consumer Solutions segment is presented below for periods prior to disposition. Our Merchant Solutions payment technology is similar around the world in that we enable our customers to accept card and other digital-based payments. Through this segment, our offerings include, but are not limited to, authorization, settlement and funding services, customer support, chargeback resolution, terminal rental, sales and deployment, payment security services, consolidated billing and on-line reporting. In addition, we offer a wide array of enterprise software solutions that streamline business operations to customers in numerous vertical markets. We also provide a variety of value-added solutions and services, including specialty point-of-sale software, analytics and customer engagement, human capital management and payroll and reporting that assist our customers with driving demand and operating their businesses more efficiently. Through our former Consumer Solutions segment, we provided general purpose reloadable prepaid debit and payroll cards, demand deposit accounts and other financial service solutions to the underbanked and other consumers and businesses in the United States. Our segment structure reflects the financial information and reports used by our chief operating decision maker to make decisions regarding the business, including resource allocations and performance assessments. Our Chief Executive Officer is the chief operating decision maker ("CODM"). We evaluate performance and allocate resources based on the operating income of our operating segment. The CODM uses segment operating income in the annual budget and forecasting process, and considers budget-to-actual and forecast-to-actual variances on a monthly, quarterly and annual basis. The operating income of each operating segment includes the revenues of the segment less expenses that are directly related to those revenues. Operating overhead, shared costs and share-based compensation costs are included in Corporate. Impairment of goodwill and gains or losses on business dispositions are not included in determining segment operating income. Interest and other income, interest and other expense, income tax expense and equity in income of equity method investments are not allocated to the individual segments. The CODM does not evaluate the performance of or allocate resources to our operating segment using asset data. The accounting policies of the reportable operating segment are the same as those described in the Summary of Significant Accounting Policies in "Note 1—Basis of Presentation and Summary of Significant Accounting Policies." In consideration of the acquisition of Worldpay and our CODM’s revised organizational structure, effective in the first quarter of 2026, our reportable segments, and the results of those segments, will be reorganized to reflect how our CODM assesses performance and allocates resources. We will report the new segment information beginning in the first quarter of 2026. 115 Table of Contents Information on segments and reconciliations to consolidated revenues, consolidated operating expenses, consolidated operating income and consolidated depreciation and amortization were as follows: Years Ended December 31, 2025 2024 2023 (in thousands) Revenues (1) : Merchant Solutions $ 7,705,878 $ 7,735,970 $ 7,197,902 Consumer Solutions — — 182,740 Intersegment eliminations — — ( 858 ) Consolidated revenues $ 7,705,878 $ 7,735,970 $ 7,379,784 Operating expenses (1) : Merchant Solutions: Cost of service $ 2,113,381 $ 2,033,471 $ 1,950,000 Selling, general and administrative 2,857,334 3,120,279 2,926,602 Total Merchant Solutions expenses 4,970,715 5,153,750 4,876,602 Consumer Solutions (2) — — 186,648 Corporate 1,263,297 880,854 865,034 Intersegment eliminations — — ( 858 ) Operating income (loss) (1) : Merchant Solutions $ 2,735,163 $ 2,582,220 $ 2,321,300 Consumer Solutions — — ( 3,908 ) Corporate ( 1,263,297 ) ( 880,854 ) ( 865,034 ) Impairment of goodwill ( 33,218 ) — — Net gain (loss) on business dispositions 315,976 273,134 ( 136,744 ) Consolidated operating income $ 1,754,624 $ 1,974,500 $ 1,315,614 Depreciation and amortization (1) : Merchant Solutions $ 1,194,137 $ 1,193,107 $ 1,121,597 Corporate 35,071 24,181 20,297 Consolidated depreciation and amortization $ 1,229,208 $ 1,217,288 $ 1,141,894 (1) Revenues, operating expenses, operating income and depreciation and amortization reflect the effects of acquired businesses from the respective acquisition dates and the effects of disposed businesses through the respective disposal dates. See “Note 2—Acquisitions” and “Note 3—Business Dispositions and Discontinued Operations” for further discussion. Operating income and operating expenses included acquisition and transformation expenses of $ 737.5 million, $ 308.5 million and $ 333.8 million for the years ended December 31, 2025, 2024 and 2023, respectively, which were primarily included within Corporate selling, general and administrative expenses. (2) Prior to the disposition of the consumer portion of our Netspend business, the information provided to the CODM included segment revenue and operating income, but not cost of service or selling, general and administrative expense. Therefore, the segment expense detail is not provided for the Consumer Solutions business. 116 Table of Contents Entity-Wide Information As a percentage of our total consolidated revenues, revenues from external customers in the United States were 73 % for the year ended December 31, 2025, 74 % for the year ended December 31, 2024, and 76 % for the year ended December 31, 2023. Revenues from external customers are attributed to individual countries based on the location of the customer arrangements. Our results of operations and our financial condition are not significantly reliant upon any single customer. Long-lived assets, excluding goodwill and other intangible assets, by location as of December 31, 2025 and 2024 were as follows: 2025 2024 (in thousands) United States $ 1,003,284 $ 1,007,959 Foreign countries 498,479 413,309 $ 1,501,763 $ 1,421,268 NOTE 19— COMMITMENTS AND CONTINGENCIES Purchase Obligations We have contractual obligations related to service arrangements with suppliers for fixed or minimum amounts. Future minimum payments at December 31, 2025 for purchase obligations were as follows (in thousands): Year ending December 31: 2026 $ 268,798 2027 169,623 2028 139,099 2029 127,075 2030 138,879 2031 and thereafter 1,000 Total future minimum payments $ 844,474 In addition, for certain business combinations and other acquisitions completed in 2025, consideration of $ 131.6 million is payable in 2026 and $ 32.2 million is payable in 2027. Legal Matters We are party to a number of claims and lawsuits incidental to our business. In our opinion, the liabilities, if any, which may ultimately result from the outcome of such matters, individually or in the aggregate, are not expected to have a material adverse effect on our financial position, liquidity, results of operations or cash flows. Operating Taxes We are subject to certain taxes that are not derived based on earnings (e.g., sales, gross receipts, property, value-added and other business taxes). During the course of operations, we must interpret the meaning of various operating tax regulations in the United States and in the foreign jurisdictions in which we do business. We are subject to ongoing audits in certain jurisdictions, and taxing authorities in those various jurisdictions may arrive at different interpretations of applicable tax laws and regulations which could result in the payment of additional taxes in those jurisdictions. 117 Table of Contents BIN/ICA Agreements In certain markets, we enter into sponsorship or depository and processing agreements with banks. These agreements allow us to use the banks' identification numbers, referred to as Bank Identification Number ("BIN") for Visa transactions and an Interbank Card Association ("ICA") number for Mastercard transactions, to clear credit card transactions through Visa and Mastercard. Certain of these agreements contain financial covenants, and we were in compliance with all such covenants as of December 31, 2025. 118 Table of Contents GLOBAL PAYMENTS INC. SCHEDULE II (1) Valuation and Qualifying Accounts (in thousands) (a) (b) (c) (d) (e) Description Balance at Beginning of Period Additions: Charged to Costs and Expenses (3) Deductions: Uncollectible Accounts Write-Offs (Recoveries) Balance at End of Period Allowance for credit losses - accounts receivable December 31, 2023 (4) $ 19,238 $ 23,495 $ 25,185 $ 17,548 December 31, 2024 (5) $ 17,548 $ 25,825 $ 19,345 $ 24,028 December 31, 2025 $ 24,028 $ 27,184 $ 966 $ 50,246 Allowance for credit losses - settlement assets (2) December 31, 2023 $ 2,287 $ 19,242 $ 11,799 $ 9,730 December 31, 2024 $ 9,730 $ 22,387 $ 22,161 $ 9,956 December 31, 2025 $ 9,956 $ 26,973 $ 20,320 $ 16,609 Reserve for sales allowances December 31, 2023 $ 7,668 $ 29,498 $ 28,770 $ 8,396 December 31, 2024 $ 8,396 $ 29,906 $ 28,699 $ 9,603 December 31, 2025 $ 9,603 $ 69,972 $ 58,083 $ 21,492 Allowance for credit and operating losses - check guarantee December 31, 2023 (4) $ 3,444 $ 3,074 $ 6,518 $ — December 31, 2024 $ — $ — $ — $ — December 31, 2025 $ — $ — $ — $ — Reserve for contract contingencies and processing errors December 31, 2023 $ 1,577 $ 390 $ 354 $ 1,613 December 31, 2024 $ 1,613 $ 255 $ 461 $ 1,407 December 31, 2025 $ 1,407 $ 2,103 $ 2,041 $ 1,469 Reserve for cardholder losses December 31, 2023 (4) $ 10,190 $ 13,425 $ 23,615 $ — December 31, 2024 $ — $ — $ — $ — December 31, 2025 $ — $ — $ — $ — Deferred income tax asset valuation allowance December 31, 2023 $ 110,043 $ 104,280 $ 3,274 $ 211,049 December 31, 2024 $ 211,049 $ 30,148 $ — $ 241,197 December 31, 2025 $ 241,197 $ 29,760 $ 97,121 $ 173,836 Allowance for credit losses - notes receivable December 31, 2023 $ — $ 15,245 $ — $ 15,245 December 31, 2024 $ 15,245 $ — $ — $ 15,245 December 31, 2025 $ 15,245 $ — $ — $ 15,245 119 Table of Contents (1) This Schedule II reflects our continuing operations. (2) Included in settlement processing obligations. (3) In addition to amounts charged to costs and expenses, amounts in this column include additions, as applicable, resulting from business combinations. (4) Includes certain amounts related to our consumer and gaming business disposal groups that were presented as held for sale in the consolidated balance sheet as of December 31, 2022. During the second quarter of 2023, we completed the sale of our gaming business and the consumer portion of our Netspend business. The results relating to our consumer and gaming business are included for the periods prior to disposition, and the amounts disposed of are included in the deductions column above. (5) Includes certain amounts related to AdvancedMD, which we completed the sale of in December 2024. The results relating to AdvancedMD are included for the periods prior to disposition and the amounts disposed of are included in the deductions column above. ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None.