GLOBAL PAYMENTS INC 10-Q

ITEM 1—FINANCIAL STATEMENTS GLOBAL PAYMENTS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) Three Months Ended March 31, 2026 March 31, 2025 Revenues $ 2,969,682 $ 1,820,318 Operating expenses: Cost of service 1,273,614 495,175 Selling, general and administrative 1,711,714 957,177 Gain on business disposition — ( 3,993 ) 2,985,328 1,448,359 Operating income (loss) ( 15,646 ) 371,959 Interest and other income 33,520 38,040 Interest and other expense ( 242,369 ) ( 148,540 ) ( 208,849 ) ( 110,500 ) Income (loss) from continuing operations before income taxes and equity in income of equity method investments ( 224,495 ) 261,459 Income tax expense (benefit) ( 11,840 ) 43,769 Income (loss) from continuing operations before equity in income of equity method investments ( 212,655 ) 217,690 Equity in income of equity method investments, net of tax 19,830 18,248 Income (loss) from continuing operations ( 192,825 ) 235,938 Income (loss) from discontinued operations, net of tax ( 1,586,227 ) 76,834 Net income (loss) ( 1,779,052 ) 312,772 Net income attributable to noncontrolling interests ( 20,826 ) ( 7,038 ) Net income (loss) attributable to Global Payments $ ( 1,799,878 ) $ 305,734 Basic earnings (loss) per share attributable to Global Payments: Continuing operations $ ( 0.78 ) $ 0.93 Discontinued operations ( 5.81 ) 0.31 Total basic earnings (loss) per share attributable to Global Payments $ ( 6.59 ) $ 1.24 Diluted earnings (loss) per share attributable to Global Payments: Continuing operations $ ( 0.78 ) $ 0.93 Discontinued operations ( 5.81 ) 0.31 Total diluted earnings (loss) per share attributable to Global Payments $ ( 6.59 ) $ 1.24 See Notes to Unaudited Consolidated Financial Statements. 3 Table of Contents GLOBAL PAYMENTS INC. UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) Three Months Ended March 31, 2026 March 31, 2025 Net income (loss) $ ( 1,779,052 ) $ 312,772 Other comprehensive income (loss): Foreign currency translation adjustments ( 101,635 ) 215,064 Income tax expense related to foreign currency translation adjustments ( 743 ) ( 1,574 ) Net unrealized gains (losses) on hedging activities 5,343 ( 9,371 ) Reclassification of net unrealized losses on hedging activities to interest expense 5,131 852 Income tax benefit (expense) related to hedging activities ( 2,510 ) 2,013 Other, net of tax 2,058 — Other comprehensive income (loss) ( 92,356 ) 206,984 Comprehensive income (loss) ( 1,871,408 ) 519,756 Comprehensive loss (income) attributable to noncontrolling interests 2,483 ( 50,676 ) Comprehensive income (loss) attributable to Global Payments $ ( 1,868,925 ) $ 469,080 See Notes to Unaudited Consolidated Financial Statements. 4 Table of Contents GLOBAL PAYMENTS INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share data) March 31, 2026 December 31, 2025 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 5,861,312 $ 8,336,402 Accounts receivable, net 1,415,671 784,174 Settlement processing assets 3,353,347 1,476,543 Prepaid expenses and other current assets 1,043,895 802,018 Current assets of discontinued operations — 1,203,534 Total current assets 11,674,225 12,602,671 Goodwill 27,082,588 17,076,624 Other intangible assets, net 20,175,777 4,231,227 Property and equipment, net 2,012,243 1,501,763 Deferred income taxes 340,769 171,430 Notes receivable 829,403 816,810 Other noncurrent assets 2,139,836 1,868,788 Noncurrent assets of discontinued operations — 15,069,171 Total assets $ 64,254,841 $ 53,338,484 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Current liabilities: Settlement lines of credit $ 1,010,304 $ 345,007 Current portion of long-term debt 1,582,335 1,920,792 Accounts payable and accrued liabilities 3,729,351 2,542,627 Settlement processing obligations 5,792,784 1,720,608 Income taxes payable 2,632,200 117,509 Current liabilities of discontinued operations — 810,301 Total current liabilities 14,746,974 7,456,844 Long-term debt 20,984,465 19,541,512 Deferred income taxes 2,733,850 1,605,504 Other noncurrent liabilities 1,114,971 522,121 Noncurrent liabilities of discontinued operations — 433,022 Total liabilities 39,580,260 29,559,003 Commitments and contingencies Redeemable noncontrolling interests 211,073 201,003 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 March 31, 2026 and December 31, 2025; 273,396,831 shares issued and outstanding at March 31, 2026 and 236,692,592 shares issued and outstanding at December 31, 2025 — — Paid-in capital 19,919,419 17,078,652 Retained earnings 4,068,198 5,936,322 Accumulated other comprehensive loss ( 195,254 ) ( 126,207 ) Total Global Payments shareholders’ equity 23,792,363 22,888,767 Nonredeemable noncontrolling interests 671,145 689,711 Total equity 24,463,508 23,578,478 Total liabilities, redeemable noncontrolling interests and equity $ 64,254,841 $ 53,338,484 See Notes to Unaudited Consolidated Financial Statements. 5 Table of Contents GLOBAL PAYMENTS INC. UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three Months Ended March 31, 2026 March 31, 2025 Cash flows from operating activities: Net income (loss) $ ( 1,779,052 ) $ 312,772 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization of property and equipment 117,600 122,839 Amortization of acquired intangibles 747,157 329,269 Amortization of capitalized contract costs 24,821 34,424 Share-based compensation expense 21,486 39,740 Provision for operating losses and credit losses 34,650 19,950 Noncash lease expense 14,972 14,162 Deferred income taxes ( 1,035,701 ) ( 70,737 ) Paid-in-kind interest capitalized to principal of notes receivable ( 16,339 ) ( 19,499 ) Equity in income of equity method investments, net of tax ( 19,853 ) ( 18,286 ) Distributions received on investments — 7,512 Gain on business disposition ( 22,174 ) ( 3,993 ) Other, net 44,806 19,338 Changes in operating assets and liabilities, net of the effects of business combinations: Accounts receivable 44,178 ( 36,734 ) Prepaid expenses and other assets ( 193,470 ) ( 93,552 ) Income taxes payable 2,474,328 79,318 Accounts payable and other liabilities ( 746,230 ) ( 181,399 ) Net cash provided by (used in) operating activities ( 288,821 ) 555,124 Cash flows from investing activities: Business combinations and other acquisitions, net of cash and restricted cash acquired ( 1,389,248 ) ( 49,886 ) Capital expenditures ( 261,336 ) ( 127,577 ) Principal payment received on notes receivable 4,375 4,375 Net cash from sales of businesses 7,362,347 — Net cash provided by (used in) investing activities 5,716,138 ( 173,088 ) Cash flows from financing activities: Changes in funds held for customers ( 18,451 ) ( 58,461 ) Changes in settlement processing assets and obligations, net ( 534,818 ) 479,153 Net borrowings from settlement lines of credit 675,874 223,216 Net borrowings from commercial paper notes 1,077,072 867,582 Proceeds from long-term debt 4,667,951 1,551,000 Repayments of long-term debt ( 13,618,554 ) ( 2,546,613 ) Payments of debt issuance costs ( 8,663 ) — Repurchases of common stock ( 549,931 ) ( 446,286 ) Proceeds from stock issued under share-based compensation plans 4,734 6,340 Common stock repurchased - share-based compensation plans ( 31,468 ) ( 36,006 ) Distributions to noncontrolling interests ( 6,013 ) ( 10,327 ) Dividends paid ( 68,246 ) ( 61,124 ) Net cash used in financing activities ( 8,410,513 ) ( 31,526 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash ( 8,732 ) 61,790 Increase (decrease) in cash, cash equivalents and restricted cash ( 2,991,928 ) 412,300 Cash, cash equivalents and restricted cash, beginning of the period 9,116,414 2,735,975 Cash, cash equivalents and restricted cash, end of the period $ 6,124,486 $ 3,148,275 See Notes to Unaudited Consolidated Financial Statements. 6 Table of Contents GLOBAL PAYMENTS INC. UNAUDITED 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, 2025 236,693 $ 17,078,652 $ 5,936,322 $ ( 126,207 ) $ 22,888,767 $ 689,711 $ 23,578,478 $ 201,003 Net income (loss) ( 1,799,878 ) ( 1,799,878 ) 7,112 ( 1,792,766 ) 13,714 Other comprehensive loss ( 69,047 ) ( 69,047 ) ( 19,665 ) ( 88,712 ) ( 3,644 ) Stock issued under share-based compensation plans 1,135 4,734 4,734 4,734 Common stock repurchased - share-based compensation plans ( 436 ) ( 34,418 ) ( 34,418 ) ( 34,418 ) Share-based compensation expense 21,486 21,486 21,486 Issuance of common stock in connection with a business combination 43,268 3,404,762 3,404,762 3,404,762 Repurchases of common stock ( 7,263 ) ( 555,797 ) ( 555,797 ) ( 555,797 ) Distributions to noncontrolling interests — ( 6,013 ) ( 6,013 ) Cash dividends declared ($ 0.25 per common share) ( 68,246 ) ( 68,246 ) ( 68,246 ) Balance at March 31, 2026 273,397 $ 19,919,419 $ 4,068,198 $ ( 195,254 ) $ 23,792,363 $ 671,145 $ 24,463,508 $ 211,073 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 (loss) 305,734 305,734 8,224 313,958 ( 1,186 ) Other comprehensive income 163,346 163,346 36,284 199,630 7,354 Stock issued under share-based compensation plans 1,229 6,340 6,340 6,340 Common stock repurchased - share-based compensation plans ( 358 ) ( 37,342 ) ( 37,342 ) ( 37,342 ) Share-based compensation expense 39,740 39,740 39,740 Repurchases of common stock ( 4,218 ) ( 449,037 ) ( 449,037 ) ( 449,037 ) Distributions to noncontrolling interests — ( 10,327 ) ( 10,327 ) Cash dividends declared ($ 0.25 per common share) ( 61,124 ) ( 61,124 ) ( 61,124 ) Balance at March 31, 2025 245,362 $ 17,678,643 $ 5,019,346 $ ( 449,646 ) $ 22,248,343 $ 609,439 $ 22,857,782 $ 166,791 See Notes to Unaudited Consolidated Financial Statements. 7 Table of Contents NOTES TO UNAUDITED 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. Together, the Worldpay and Issuer Solutions transactions simplify our business model and position Global Payments as a leading pure play commerce solutions provider for merchants of all sizes with extensive global scale. See “Note 2—Acquisition” for further discussion on the acquisition of Worldpay and “Note 3—Business Dispositions and Discontinued Operations” for further discussion on the divestiture of our Issuer Solutions business. These unaudited 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 unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). The consolidated balance sheet as of December 31, 2025, was derived from the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025, but does not include all disclosures required by GAAP for annual financial statements. In the opinion of our management, all known adjustments necessary for a fair presentation of the results of the interim periods have been made. These adjustments consist of normal recurring accruals and estimates that affect the carrying amount of assets and liabilities. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025. 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 periods. 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 unaudited consolidated financial statements reflect the financial statement effects based upon management’s estimates and assumptions utilizing the most currently available information. Recently issued accounting pronouncements not yet adopted Accounting Standards Update ("ASU") 2025-09 - In November 2025, the Financial Accounting Standards Board ("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 fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. 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. 8 Table of Contents ASU 2025-06 - In September 2025, the FASB issued ASU 2025-06, "Targeted Improvements to the Accounting for Internal-Use Software," which provides targeted improvements to the accounting for internal-use software costs by replacing the existing project-stage model with a principles-based approach to determine when the capitalization of costs should begin. This update requires an entity to start capitalizing software costs when: (i) the Company authorizes and commits to funding the software project and (ii) it is probable the software project will be completed. The amendments in this update are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. 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, and interim reporting periods beginning after December 15, 2027. 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 and related disclosures. NOTE 2— ACQUISITION Worldpay On January 9, 2026, we acquired 100 % of Worldpay from FIS and affiliates of GTCR (the "Worldpay Acquisition") and divested our Issuer Solutions business to FIS (such divestiture, together with the Worldpay Acquisition, the "Transaction"). The Worldpay Acquisition was accounted for as a business combination in accordance with ASC Topic 805, Business Combinations , which generally requires that we recognize the assets acquired and liabilities assumed at fair value as of the acquisition date. Consideration paid to GTCR for its ownership interest in Worldpay consisted of (1) approximately $ 6.0 billion in cash and (2) 42.8 million shares of Global Payments common stock. Consideration received for the divestiture of our Issuer Solutions business consisted of (1) approximately $ 7.5 billion in cash and (2) FIS’ ownership interest in Worldpay. The acquisition of Worldpay and divestiture of our Issuer Solutions business occurred simultaneously. We funded portions of the Transaction with indebtedness which is further described in “Note 6—Long-Term Debt and Lines of Credit.” 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. We are also receiving certain transition services from FIS in support of our integration of Worldpay. 9 Table of Contents The fair value of total purchase consideration was determined as follows (in thousands, except share and per share data): Consideration transferred to GTCR: Number of shares of Global Payments issued in the acquisition (1) 42,779,788 Price per share of Global Payments common stock as of January 8, 2026 (2) $ 78.69 Fair value of common stock issued 3,366,342 Cash paid to GTCR (3) 6,041,671 9,408,013 Consideration transferred to FIS: Fair value of the Issuer Solutions business transferred to FIS (4) 15,086,000 Cash received from FIS, including reimbursement of cash in business transferred (5) ( 7,516,216 ) 7,569,784 Total purchase consideration $ 16,977,797 (1) Number of shares issued is net of 488,253 shares, with postcombination employee service requirements and includes 729,600 shares related to Worldpay equity awards that vested automatically at closing and were converted into Global Payments common stock. (2) Represents the closing share price of Global Payments common stock as of January 8, 2026, the last trading day prior to the Transaction closing. (3) Amount includes $ 153.6 million for Worldpay equity awards held by employees that vested automatically at the acquisition date and settled in cash. (4) The fair value of our Issuer Solutions business transferred to FIS is based on a third-party valuation using the average of the income and market approaches. (5) Final closing cash amounts are preliminary and subject to working capital and other adjustments. 10 Table of Contents The provisional estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed as of March 31, 2026, including a reconciliation to the total purchase consideration, were as follows (in thousands): Cash and cash equivalents $ 4,136,237 Accounts receivable 657,835 Settlement processing assets 2,113,017 Prepaid expenses and other current assets (1) 1,064,511 Other intangible assets 16,403,552 Property and equipment 374,598 Deferred tax asset 30,805 Other noncurrent assets 243,118 Accounts payable and accrued liabilities ( 1,894,231 ) Settlement processing obligations ( 4,548,560 ) Debt (2) ( 8,908,559 ) Deferred tax liability ( 2,022,745 ) Other noncurrent liabilities ( 598,988 ) Total identifiable net assets 7,050,590 Goodwill 9,927,207 Preliminary total purchase consideration $ 16,977,797 (1) Includes $ 860.4 million of restricted cash held in escrow by a third party used to fund a portion of the assumed debt paid off at the acquisition date. (2) Assumed debt was paid off at the acquisition date. As of March 31, 2026, we considered these amounts to be provisional as we are still in the process of gathering and reviewing information to support the valuations of the assets acquired, liabilities assumed and related tax positions. Goodwill arising from the acquisition of Worldpay was attributable to expected growth opportunities, an assembled workforce and potential synergies from combining the acquired business into our existing business. We expect that $ 3.4 billion of the goodwill from this acquisition will be deductible for income tax purposes. Due to the timing of the acquisition, we are still in the process of assigning goodwill to our reporting units. The following table reflects the provisional estimated fair values of the identified intangible assets of Worldpay and the respective weighted-average estimated amortization periods: Estimated Fair Value Weighted-Average Estimated Amortization Period (in thousands) (years) Customer-related intangible assets $ 14,666,742 11.3 Acquired technologies 1,351,164 7.0 Contract-based intangible assets 270,831 10.0 Trademarks and trade names 114,815 2.0 Total identifiable intangible assets $ 16,403,552 10.9 The estimated fair values of customer-related intangible assets 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 11 Table of Contents discount rates that consider the timing and risk of the forecasted cash flows. The discount rates used represented the average estimated value of a market participant’s cost of capital and debt, derived using customary market metrics. Acquired technologies, trademarks and trade names were valued using the "relief-from-royalty" approach. This method assumes that the assets 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 brands, the appropriate royalty rate and the weighted-average cost of capital. From the acquisition date through March 31, 2026, Worldpay contributed $ 1.2 billion to our consolidated revenues and had an operating loss of approximately $ 138.7 million. Acquisition-related costs directly related to the Worldpay Acquisition were $ 77.5 million for the three months ended March 31, 2026 and were included within selling, general and administrative expenses. Pro Forma Financial Information (unaudited) The following unaudited pro forma information shows the results of our operations for the three months ended March 31, 2026 and 2025 as if the Transaction had occurred on January 1, 2025. The unaudited pro forma information is presented for informational purposes only and is not necessarily indicative of what would have occurred if the Transaction had occurred as of that date. The unaudited pro forma information is also not intended to be a projection of future results due to the integration of Worldpay. The unaudited pro forma information reflects the effects of applying our accounting policies and certain pro forma adjustments to the combined historical financial information of Global Payments and Worldpay. The pro forma adjustments include: • incremental amortization expense associated with identified intangible assets; • adjustment to interest expense to reflect the removal of Worldpay debt and the additional borrowings of Global Payments in conjunction with the Transaction; and • the income tax effects of the pro forma adjustments. In addition, the pro forma net income attributable to continuing operations of Global Payments includes recognition of transaction costs related to the Transaction as of the beginning of the earliest period presented. Accordingly, pro forma net income attributable to Global Payments for the three months ended March 31, 2025, includes approximately $ 77.5 million of transaction costs related to the Worldpay Acquisition. Three Months Ended March 31, 2026 March 31, 2025 (in thousands) Total revenues $ 3,076,852 $ 3,097,856 Net loss attributable to continuing operations of Global Payments ( 88,228 ) ( 54,926 ) 12 Table of Contents NOTE 3— BUSINESS DISPOSITIONS AND DISCONTINUED OPERATIONS Discontinued Operations We completed the sale of our Issuer Solution business on January 9, 2026, simultaneously with the acquisition of Worldpay. 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 our Issuer Solutions business have been reflected as discontinued operations for all periods presented through the completed divestiture date. The assets and liabilities of the Issuer Solutions disposal group are presented separately on our consolidated balance sheet as of December 31, 2025. Our consolidated statements of cash flows include cash flows from discontinued operations for all periods presented through the completed divestiture date. Unless otherwise indicated, all disclosures in the notes to the consolidated financial statements reflect only our continuing operations. The following table presents the major classes of line items constituting income from discontinued operations, net of tax, in our consolidated statements of income for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 March 31, 2025 (in thousands) Revenues $ 54,259 $ 598,514 Operating expenses: Cost of service 28,980 432,534 Selling, general and administrative 28,194 67,054 Gain on business disposition ( 22,174 ) — 35,000 499,588 Operating income 19,259 98,926 Interest and other income (expense), net 1,688 ( 7,221 ) Income from discontinued operations before income taxes and equity in income of equity method investments 20,947 91,705 Income tax expense 1,607,197 14,909 Income (loss) from discontinued operations before equity in income of equity method investments ( 1,586,250 ) 76,796 Equity in income of equity method investments 23 38 Income (loss) from discontinued operations, net of tax $ ( 1,586,227 ) $ 76,834 13 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: December 31, 2025 (in thousands) Cash and cash equivalents $ 403,689 Accounts receivable, net 333,142 Prepaid expenses and other current assets 466,703 Current assets of discontinued operations 1,203,534 Goodwill 9,284,218 Other intangible assets, net 4,201,245 Property and equipment, net 1,111,243 Other noncurrent assets 632,914 Valuation allowance to adjust assets to estimated fair value, less costs to sell ( 160,449 ) Noncurrent assets of discontinued operations 15,069,171 Accounts payable and accrued liabilities 810,301 Current liabilities of discontinued operations 810,301 Deferred income taxes 277,226 Other noncurrent liabilities 155,796 Noncurrent liabilities of discontinued operations 433,022 Cash flows related to discontinued operations are included in our consolidated statements of cash flows for the three months ended March 31, 2026 and 2025. The following table presents selected items affecting the statements of cash flows: Three Months Ended March 31, 2026 March 31, 2025 (in thousands) Depreciation and amortization of property and equipment $ — $ 27,434 Amortization of acquired intangibles — 132,087 During the three months ended March 31, 2025, Issuer Solutions entered into an agreement to acquire software and related services, of which $ 37.5 million was financed utilizing a two-year vendor financing arrangement. During the three months ended March 31, 2026, we recognized tax expense in discontinued operations of $ 1.6 billion, primarily related to the derecognition of goodwill in the sale of the Issuer Solutions business which was not deductible for U.S. federal income tax purposes, along with other taxable differences recognized upon sale. 14 Table of Contents NOTE 4— REVENUES The following table presents a disaggregation of our revenues from contracts with customers by geography for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 March 31, 2025 (in thousands) Americas $ 2,163,480 $ 1,489,260 Europe, Middle East and Africa 704,546 266,598 Asia Pacific 101,656 64,460 $ 2,969,682 $ 1,820,318 ASC Topic 606, Revenues from Contracts with Customers ("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 three months ended March 31, 2026 and 2025, substantially all of our revenues were recognized over time. Supplemental balance sheet information related to contracts from customers as of March 31, 2026 and December 31, 2025 was as follows: Balance Sheet Location March 31, 2026 December 31, 2025 (in thousands) Assets: Capitalized costs to obtain customer contracts, net Other noncurrent assets $ 283,873 $ 270,773 Capitalized costs to fulfill customer contracts, net Other noncurrent assets 27,068 21,259 Liabilities: Contract liabilities, net (current) Accounts payable and accrued liabilities 178,364 177,452 Contract liabilities, net (noncurrent) Other noncurrent liabilities 25,332 19,625 Net contract assets were not material at March 31, 2026, or December 31, 2025. Revenue recognized for the three months ended March 31, 2026 and 2025 from contract liability balances at the beginning of each period was $ 75.5 million and $ 62.6 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 as of March 31, 2026. 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 processing services is significantly higher than the amounts disclosed in the table below (in thousands): 15 Table of Contents Year Ending December 31, Remainder of 2026 $ 262,109 2027 247,735 2028 162,897 2029 113,499 2030 65,956 2031 24,369 2032 and thereafter 25,408 Total $ 901,973 NOTE 5— GOODWILL AND OTHER INTANGIBLE ASSETS As of March 31, 2026 and December 31, 2025, goodwill and other intangible assets consisted of the following: March 31, 2026 December 31, 2025 (in thousands) Goodwill $ 27,082,588 $ 17,076,624 Other intangible assets: Customer-related intangible assets $ 20,629,107 $ 5,536,591 Acquired technologies 3,295,973 1,918,713 Contract-based intangible assets 2,385,828 2,313,160 Trademarks and trade names 593,621 479,405 26,904,529 10,247,869 Less accumulated amortization: Customer-related intangible assets 3,933,344 3,361,512 Acquired technologies 1,714,011 1,630,830 Contract-based intangible assets 620,259 584,392 Trademarks and trade names 461,138 439,908 6,728,752 6,016,642 $ 20,175,777 $ 4,231,227 The following table sets forth the changes in the carrying amount of goodwill for the three months ended March 31, 2026: Merchant Solutions (in thousands) Balance at December 31, 2025 $ 17,076,624 Goodwill acquired 9,981,329 Effect of foreign currency translation 25,419 Measurement period adjustments ( 784 ) Balance at March 31, 2026 $ 27,082,588 16 Table of Contents NOTE 6— LONG-TERM DEBT AND LINES OF CREDIT As of March 31, 2026 and December 31, 2025, long-term debt consisted of the following: March 31, 2026 December 31, 2025 (in thousands) 1.200 % senior notes due March 1, 2026 $ — $ 1,099,681 4.800 % senior notes due April 1, 2026 750,000 752,825 2.150 % senior notes due January 15, 2027 749,062 748,697 4.950 % senior notes due August 15, 2027 498,651 498,406 4.550 % senior notes due March 15, 2028 497,275 — 4.450 % senior notes due June 1, 2028 459,520 460,619 4.500 % senior notes due November 15, 2028 1,739,882 1,738,918 3.200 % senior notes due August 15, 2029 1,244,684 1,244,291 5.300 % senior notes due August 15, 2029 497,637 497,462 2.900 % senior notes due May 15, 2030 995,171 994,879 4.875 % senior notes due November 15, 2030 1,686,103 1,685,351 2.900 % senior notes due November 15, 2031 745,281 745,072 5.400 % senior notes due August 15, 2032 744,758 744,552 5.200 % senior notes due November 15, 2032 990,538 990,181 5.400 % senior notes due March 15, 2033 495,223 — 5.550 % senior notes due November 15, 2035 1,729,572 1,730,061 4.150 % senior notes due August 15, 2049 741,661 741,572 5.950 % senior notes due August 15, 2052 739,474 739,374 4.875 % senior notes due March 17, 2031 917,694 932,686 1.000 % convertible notes due August 15, 2029 1,472,096 1,470,029 1.500 % convertible notes due March 1, 2031 1,976,615 1,975,407 Revolving credit facility 1,598,000 1,515,000 Commercial paper notes 1,077,513 — Finance lease liabilities 21,402 21,267 Other borrowings 198,988 135,974 Total long-term debt 22,566,800 21,462,304 Less current portion 1,582,335 1,920,792 Long-term debt, excluding current portion $ 20,984,465 $ 19,541,512 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 March 31, 2026, the unamortized discount on senior notes and convertible notes was $ 73.1 million, and unamortized debt issuance costs on senior notes and convertible notes were $ 89.8 million. 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. The portion of unamortized debt issuance costs related to revolving credit facilities is included in other noncurrent assets in our consolidated balance sheets. At March 31, 2026 and December 31, 2025, unamortized debt issuance costs on the unsecured revolving credit facility were $ 19.5 million and $ 20.7 million, respectively. 17 Table of Contents At March 31, 2026, future maturities of long-term debt (excluding finance lease liabilities) were as follows by year (in thousands): Year Ending December 31, Remainder of 2026 $ 789,536 2027 1,381,111 2028 2,725,750 2029 3,250,130 2030 5,376,185 2031 3,674,248 2032 and thereafter 5,500,000 Total $ 22,696,960 Senior Notes On March 5, 2026, we issued $ 1.0 billion aggregate principal amount of senior unsecured notes consisting of the following: (i) $ 500.0 million aggregate principal amount of 4.550 % senior notes due March 2028 and (ii) $ 500.0 million aggregate principal amount of 5.400 % senior notes due March 2033. We incurred debt issuance costs of $ 7.7 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 March 15 and September 15 of each year, commencing September 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. We used the net proceeds from this offering to repay outstanding indebtedness and for general corporate purposes. 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. Interest on the senior unsecured notes is payable semi-annually on May 15 and November 15 of each year, commencing May 15, 2026. The debt issuance was completed in connection with the acquisition of Worldpay. Convertible Notes 1.500 % Convertible Notes due March 1, 2031 We have $ 2.0 billion in aggregate principal amount of 1.500 % convertible unsecured senior notes due March 2031 that were issued in 2024 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 sheets. 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. 18 Table of Contents 1.000 % Convertible Notes due August 15, 2029 We also have $ 1.5 billion in aggregate principal amount of 1.000 % convertible unsecured senior notes due August 2029 that were issued in 2022 in a private placement pursuant to an investment agreement with Silver Lake Partners. 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 convertible notes mature on August 15, 2029, subject to earlier conversion or repurchase. The notes, which are currently convertible, are presented within long-term debt in our consolidated balance sheets based on our intent and ability to refinance on a long-term basis should a conversion event occur. 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. 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. 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. As of March 31, 2026, there were borrowings of $ 1.6 billion outstanding under the revolving credit facility with an interest rate of 5.1 %, and the total available commitments under the revolving credit facility were $ 4.6 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 the entry into the Revolving Credit Facility. We terminated our bridge facility on November 14, 2025. Commercial Paper We have 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 March 31, 2026, we had net borrowings under our commercial paper program of $ 1,077.5 million outstanding, presented within long-term debt in our consolidated balance sheet based on our intent and ability to continually refinance on a long-term basis, with a weighted average annual interest rate of 4.3 %. The commercial paper program is backstopped by our credit agreement, in that the amount of commercial paper notes outstanding cannot exceed the undrawn portion of our revolving credit facility. As such, we could draw on the revolving credit facility to repay commercial paper notes that cannot be rolled over or refinanced with similar debt. 19 Table of Contents Fair Value of Long-Term Debt As of March 31, 2026, our senior notes had a total carrying amount of $ 16.2 billion and an estimated fair value of $ 14.7 billion. As of March 31, 2026, our 1.500 % convertible 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 values of our senior notes and 1.500 % convertible senior notes were based on quoted market prices in active markets and are considered to be Level 1 measurements of the fair value hierarchy. As of March 31, 2026, our 1.000 % convertible notes due August 15, 2029 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 March 31, 2026. Compliance with Covenants The convertible notes include customary covenants and events of default for convertible notes of this type. The revolving credit facility agreement 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 March 31, 2026, the required leverage ratio was 4.50 to 1.00. We were in compliance with all applicable covenants as of March 31, 2026. Interest Expense Interest expense was $ 239.2 million and $ 144.8 million for the three months ended March 31, 2026 and 2025, respectively. Subsequent Event On April 21, 2026, we entered into a term loan agreement with a syndicate of financial institutions as lenders and agents. The term loan agreement provides for a senior unsecured $ 1.0 billion term loan facility due April 21, 2028 bearing interest at a one-month Secured Overnight Financing Rate ("SOFR") plus 1.05 %. Borrowings under the term loan facility may be repaid prior to maturity without premium or penalty, subject to payment of certain customary expenses of lenders and customary notice provisions. NOTE 7— 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 (loss) and included in accumulated other comprehensive loss 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 (loss) and accumulated other comprehensive loss, partially offsetting the foreign currency translation adjustment for our foreign subsidiaries. We recognized a loss on the net investment hedge of $ 68.0 million and $ 9.5 million within foreign currency translation adjustments in other comprehensive income (loss) in our consolidated statements of comprehensive income during the three months ended March 31, 2026 and 2025, respectively. 20 Table of Contents 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. 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 (loss). 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. The table below presents information about our interest rate swaps, designated as cash flow hedges, included in our consolidated balance sheets: Fair Values Derivative Financial Instruments Balance Sheet Location Weighted-Average Fixed Rate of Interest at March 31, 2026 Range of Maturity Dates at March 31, 2026 March 31, 2026 December 31, 2025 (in thousands) Interest rate swaps (Notional of $ 1.5 billion at March 31, 2026 and December 31, 2025) Other noncurrent liabilities 4.26 % April 17, 2027 - August 17, 2027 $ 10,145 $ 18,872 The table below presents the effects of our interest rate swaps on our consolidated statements of income and statements of comprehensive income for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 March 31, 2025 (in thousands) Net unrealized gains (losses) recognized in other comprehensive income (loss) $ 5,930 $ ( 9,371 ) Net unrealized losses reclassified out of other comprehensive income (loss) to interest expense ( 3,895 ) ( 852 ) Treasury Locks In the second quarter of 2025, we entered into $ 1.5 billion of 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). Upon issuance of our senior unsecured notes in November 2025, we terminated the treasury locks and the related accumulated other comprehensive loss 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 $ 53.7 million and $ 53.1 million at March 31, 2026 and December 31, 2025, respectively. 21 Table of Contents The table below presents the effects of our treasury locks on our consolidated statements of comprehensive income: Three Months Ended March 31, 2026 (in thousands) Net unrealized losses recognized in other comprehensive income (loss) $ ( 587 ) Net unrealized losses reclassified out of other comprehensive income (loss) to interest expense ( 1,236 ) As of March 31, 2026, the amount of net unrealized losses in accumulated other comprehensive loss related to our interest rate swaps and treasury locks that is expected to be reclassified into interest expense during the next 12 months was $ 18.7 million. NOTE 8— INCOME TAX For the three months ended March 31, 2026, our effective income tax rate of 5.3 % was lower than the U.S. statutory rate primarily as a result of tax credits, foreign branch operations, and taxes on foreign earnings, partially offset by the impact of Base Erosion Anti-Abuse Tax. The Company anticipates realizing the income tax benefit recognized during the period as a result of projected full year income from continuing operations before income taxes and equity in income of equity method investments as well as reversing taxable temporary differences. For the three months ended March 31, 2025, our effective income tax rate of 16.7 % differed favorably from the U.S. statutory rate primarily as a result of tax credits and foreign branch operations. NOTE 9— 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 March 31, 2026, 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 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 $ 15.5 million and $( 1.3 ) million for the three months ended March 31, 2026 and 2025, respectively. 22 Table of Contents NOTE 10— SHAREHOLDERS’ EQUITY We repurchase our common stock mainly through open market repurchase plans and, at times, through accelerated share repurchase ("ASR") programs. During the three months ended March 31, 2026 and 2025, we repurchased and retired 7,262,557 and 4,218,350 shares of our common stock, respectively, at a cost, including commissions and applicable excise taxes, of $ 555.8 million and $ 449.0 million, or $ 76.53 and $ 106.45 per share, respectively. The share repurchase activity for the three months ended March 31, 2026, included the repurchase of 7,262,557 shares at an average price of $ 75.73 per share under an ASR agreement we entered into on February 18, 2026 with a financial institution to repurchase an aggregate of $ 550.0 million of our common stock during the ASR program purchase period. This ASR program was completed on March 17, 2026. The share repurchase activity for the three months ended March 31, 2025, 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. As of March 31, 2026, the remaining amount available under our share repurchase program was $ 1,950.0 million. On April 30, 2026, our board of directors declared a dividend of $ 0.25 per share payable on June 26, 2026 to common shareholders of record as of June 12, 2026. On May 6, 2026, we entered into an ASR program to repurchase an aggregate $ 500.0 million of shares of common stock during the program purchase period, which will end prior to June 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. NOTE 11— SHARE-BASED AWARDS AND STOCK OPTIONS The following table summarizes share-based compensation expense (benefit) and the related income tax benefit recognized for our share-based awards and stock options: Three Months Ended March 31, 2026 March 31, 2025 (in thousands) Share-based compensation expense from continuing operations $ 46,650 $ 30,288 Share-based compensation expense from discontinued operations ( 7,145 ) 9,452 Total share-based compensation expense $ 39,505 $ 39,740 Total income tax benefit $ 5,380 $ 6,265 23 Table of Contents The following discussion of our share-based compensation awards includes awards related to continuing and discontinued operations. Share-Based Awards The following table summarizes the changes in unvested restricted stock and performance awards for the three months ended March 31, 2026: Shares Weighted-Average Grant-Date Fair Value (in thousands) Unvested at December 31, 2025 2,465 $ 110.54 Granted 1,142 76.45 Vested ( 1,187 ) 109.26 Forfeited ( 231 ) 107.00 Unvested at March 31, 2026 2,189 $ 93.39 The total fair value of restricted stock and performance awards vested during the three months ended March 31, 2026 and 2025 was $ 129.7 million and $ 132.1 million, respectively. For restricted stock and performance awards, we recognized compensation expens e of $ 18.9 million and $ 35.9 million during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, there was $ 158.2 million of unrecognized compensation expense related to unvested restricted stock and performance awards that we expect to recognize over a weighted-average period of 1.9 years. Stock Options The following table summarizes stock option activity for the three months ended March 31, 2026: Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (years) (in millions) Outstanding at December 31, 2025 931 $ 113.43 5.8 $ 0.6 Granted — — Forfeited ( 1 ) 80.62 Exercised ( 1 ) 76.99 Outstanding at March 31, 2026 929 $ 113.47 5.5 $ — Options vested and exercisable at March 31, 2026 712 $ 115.76 4.5 $ — We recognized compensation expense for stock options of $ 1.8 million and $ 2.5 million during the three months ended March 31, 2026 and 2025, respectively. The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2026 and 2025 was zero and $ 0.8 million, respectively. As of March 31, 2026, we had $ 6.6 million o f unrecognized compensation expense related to unvested stock options that we expect to recognize over a weighted-average period of 1.4 years. 24 Table of Contents There were no stock options granted during the three months ended March 31, 2026. The weighted-average grant-date fair value of stock options granted during the three months ended March 31, 2025, was $ 44.76 . Fair value was estimated on the date of grant using the Black-Scholes valuation model with the following weighted-average assumptions: Three Months Ended March 31, 2025 Risk-free interest rate 4.01 % Expected volatility 47 % Dividend yield 0.88 % Expected term in years 5 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 12— EARNINGS PER SHARE Basic earnings (loss) per share ("EPS") was computed by dividing net income (loss) attributable to Global Payments by the weighted-average number of shares outstanding during the period. Earnings available to common shareholders is the same as reported net income (loss) attributable to Global Payments for all periods presented. Diluted EPS is computed by dividing net income (loss) 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 three months ended March 31, 2025 are assumed to have a dilutive effect on EPS. Due to a net loss for the three months ended March 31, 2026, no incremental shares are included in the computation of diluted loss per share because the effect would be antidilutive. The dilutive share base for the three months ended March 31, 2026 excluded approximately 0.9 million shares related to stock options that would have an antidilutive effect on the computation of diluted EPS. The dilutive share base for the three months ended March 31, 2025, excluded approximately 0.8 million shares related to stock options that would have an antidilutive effect on the computation of diluted EPS. 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 three months ended March 31, 2026, the convertible notes were not included in the computation of diluted loss per share as the effect would have been anti-dilutive. Further, the effect of the related capped call transactions is not included in the computation of diluted EPS as it is always anti-dilutive. 25 Table of Contents The following table sets forth the computations of basic and diluted EPS for continuing and discontinued operations for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 March 31, 2025 (in thousands, except per share data) Income (loss) from continuing operations attributable to Global Payments $ ( 213,651 ) $ 228,900 Income (loss) from discontinued operations attributable to Global Payments ( 1,586,227 ) 76,834 Net income (loss) attributable to Global Payments $ ( 1,799,878 ) $ 305,734 Basic weighted-average number of shares outstanding 273,223 246,749 Plus: Dilutive effect of stock options and other share-based awards — 411 Diluted weighted-average number of shares outstanding 273,223 247,160 Basic earnings (loss) per share attributable to Global Payments: Continuing operations $ ( 0.78 ) $ 0.93 Discontinued operations ( 5.81 ) 0.31 Total basic earnings (loss) per share attributable to Global Payments $ ( 6.59 ) $ 1.24 Diluted earnings (loss) per share attributable to Global Payments: Continuing operations $ ( 0.78 ) $ 0.93 Discontinued operations ( 5.81 ) 0.31 Total diluted earnings (loss) per share attributable to Global Payments $ ( 6.59 ) $ 1.24 NOTE 13— SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION 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 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 March 31, 2026, approximately 75 % of our cash and cash equivalents 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 three months ended March 31, 2026 and 2025. 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 our consolidated balance sheets. 26 Table of Contents A reconciliation of the amounts of cash and cash equivalents and restricted cash in our consolidated balance sheets to the amount in our consolidated statements of cash flows is as follows: March 31, 2026 March 31, 2025 (in thousands) Cash and cash equivalents of continuing operations $ 5,861,312 $ 2,714,050 Restricted cash of continuing operations 263,174 6,334 Cash, cash equivalents and restricted cash of discontinued operations — 427,891 Cash, cash equivalents and restricted cash shown in the statements of cash flows $ 6,124,486 $ 3,148,275 Notes Receivable and Allowance for Credit Losses In connection with the sale of our consumer business in April 2023, we provided seller financing consisting of 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 % and 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 % paid-in-kind ("PIK") due at maturity. 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 a fixed annual rate of 13.0 %. We recognized interest income of $ 25.2 million and $ 23.5 million on the notes during the three months ended March 31, 2026 and 2025, respectively, as a component of interest and other income in our consolidated statements of income. As of March 31, 2026 and December 31, 2025 , there was an aggregate principal amount of $ 864.0 million and $ 852.0 million , respectively, outstanding on the notes, including paid-in-kind interest, and the notes are presented net of the allowance for credit losses o f $ 15.2 million wi thin notes receivable in our consolidated balance sheets. Principal payments due within 12 months are included in prepaid expenses and other current assets in our consolidated balance sheets. The estimated fair value of the notes receivable was $ 850.1 million an d $ 849.8 million as of March 31, 2026 and December 31, 2025, 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. Visa Preferred Shares Through the acquisition of Worldpay, we obtained additional Series B convertible preferred shares of Visa related to the disposal of its ownership interest in Visa Europe to Visa Inc. in 2016 ("Visa Disposal"). The preferred shares were recognized at the acquisition date of Worldpay at a fair value of zero based on transfer restrictions, Visa's ability to adjust the conversion rate and the estimation uncertainty associated with those factors. Also, in connection with the Visa Disposal, Worldpay agreed to pay former Worldpay owners in 2027 90 % of the net-of-tax proceeds from the disposal. The obligation to pay the contingent value rights ("CVR") to the former Worldpay owners for shares previously sold is presented in noncurrent liabilities in our consolidated balance sheet. The carrying amount of the CVR liability was $ 354.9 million at March 31, 2026. We remeasure the carrying amount of the CVR liability each reporting period to accrete to the amount due in 2027. The net change in carrying amount was an increase of $ 3.2 million from the acquisition date of Worldpay through March 31, 2026, and is included in interest and other expense in our consolidated statements of income. The carrying amount of the CVR liability is determined utilizing a discount rate based on the Company's borrowing rate. Noncash Investing Activity For certain business combinations and other acquisitions completed during the three months ended March 31, 2026, consideration of $ 15.0 million is payable in the remainder of 2026 and $ 69.8 million is payable in 2027. 27 Table of Contents NOTE 14— ACCUMULATED OTHER COMPREHENSIVE LOSS The changes in the accumulated balances for each component of other comprehensive income (loss) were as follows for the three months ended March 31, 2026 and 2025: Foreign Currency Translation Gains (Losses) Net Unrealized Gains (Losses) on Hedging Activities Other Accumulated Other Comprehensive Loss (in thousands) Balance at December 31, 2025 $ ( 57,849 ) $ ( 66,213 ) $ ( 2,145 ) $ ( 126,207 ) Other comprehensive income (loss) ( 79,069 ) 7,964 2,058 ( 69,047 ) Balance at March 31, 2026 $ ( 136,918 ) $ ( 58,249 ) $ ( 87 ) $ ( 195,254 ) Balance at December 31, 2024 $ ( 589,189 ) $ ( 21,418 ) $ ( 2,385 ) $ ( 612,992 ) Other comprehensive income (loss) 169,852 ( 6,506 ) — 163,346 Balance at March 31, 2025 $ ( 419,337 ) $ ( 27,924 ) $ ( 2,385 ) $ ( 449,646 ) Other comprehensive income (loss) attributable to noncontrolling interests, which relates only to foreign currency translation, was $( 23.3 ) million and $ 43.6 million for the three months ended March 31, 2026 and 2025, respectively. NOTE 15— SEGMENT INFORMATION Our segment structure reflects the financial information and reports used by our chief operating decision maker (“CODM”) to make decisions regarding the business, including resource allocations and performance assessments. Our Chief Executive Officer is the CODM. 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 CODM does not evaluate the performance of or allocate resources to our operating segment using asset data. Prior to the completion of the Worldpay Acquisition, we operated in one reportable segment, Merchant Solutions, and certain operating overhead, shared costs and share-based compensation costs were included in Corporate, separate from our measure of segment profitability. As of March 31, 2026 we were still in the process of modifying the design of our operating structure to combine the operations of the acquired Worldpay business with our existing Merchant Solutions business. Once this process is complete, we will finalize our segment reporting structure based on how our CODM assesses performance and allocates resources. As a result, we have reported Corporate and the results of operations of Worldpay from the acquisition date to March 31, 2026 within our Merchant Solutions reportable segment. We will report financial information for our new reportable segments, including prior periods, beginning in the period in which our CODM begins managing the business on the basis of the new structure. The operating income of our reportable segment includes the revenues of the segment less expenses that are directly related to those revenues and corporate costs. 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 reportable segment. The accounting policies of the reportable operating segment are the same as those described in our Annual Report on Form 10-K for the year ended December 31, 2025, and our summary of significant accounting policies in "Note 1—Basis of Presentation and Summary of Significant Accounting Policies." 28 Table of Contents Information on our Merchant Solutions segment, including significant segment expenses, and a reconciliation to consolidated operating income (loss) was as follows for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 March 31, 2025 (in thousands) Revenues (1) $ 2,969,682 $ 1,820,318 Operating expenses (1) : Cost of service $ 1,273,614 $ 495,175 Selling, general and administrative 1,711,714 957,177 Operating income (loss) (1) : Merchant Solutions $ ( 15,646 ) $ 367,966 Gain on business disposition — 3,993 Consolidated operating income (loss) $ ( 15,646 ) $ 371,959 Depreciation and amortization (1) $ 864,757 $ 292,587 (1) Revenues, operating expenses, operating income (loss) and depreciation and amortization reflect the effects of acquired businesses, including the Worldpay Acquisition, from the respective acquisition dates. See “Note 2—Acquisition” for further discussion. Operating income (loss) and operating expenses included acq uisition, transformation, and transaction expenses of $ 387.3 million and $ 94.7 million for the three months ended March 31, 2026 and 2025, respectively, which were primarily included within selling, general and administrative expenses. NOTE 16— COMMITMENTS AND CONTINGENCIES 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. 29 Table of Contents