GPN US S&P 500Russell 1000 Earnings call
Global Payments (GPN) · Q2 2026 results and valuation
Share price: $100.23 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 5 Aug 2026 and 6 May 2026
Net income turned to a profit from a loss last quarter. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Turned profit
Net income vs Q1 2026
Outlook given
Net income 13.0M vs -1.80B
Revenue +11.8%
2 · How management spoke
Upbeat
More upbeat than 66% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Figure
The company has reached more than halfway toward its over $2 billion capital return commitment for the year when combined with dividend payments.
Valuation
Is Global Payments undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$100.23
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+8.6% for 10 yrs
Fair value / share
$-2.25
Buy below
$-1.69
Price vs fair value
n/a
Price vs buy-below price
n/a
Management expects
Revenue +4.5% · from the Q2 2026 report: “The company updated its full-year 2026 outlook to expect normalized constant currency adjusted net revenue growth of approximately 4% to 5%.”
A guidance figure for revenue, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
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Key theme
Adjusted net revenue grew 4% on a normalized basis, while adjusted earnings per share increased 12% and operating margins expanded 70 basis points.
Source quote
“Adjusted net revenue grew 4% on a normalized basis, which includes an approximately 100 basis point headwind from the impact... Our second quarter results underscore the durability of our business model. Adjusted operating margins expanded 70 basis points on a normalized basis and adjusted earnings per share increased 12%.”
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Guidance
The company updated its full-year 2026 outlook to expect normalized constant currency adjusted net revenue growth of approximately 4% to 5%.
Source quote
“As a result, we now expect normalized constant currency adjusted net revenue growth of approximately 4% to 5% for the full year 2026.”
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Guidance
The company updated its guidance to expect EPS growth in the 11% to 13% range after taking into consideration updated FX assumptions.
Source quote
“And as Cameron mentioned, we now expect to report EPS growth in that 11% to 13% range, which also takes into consideration updated FX assumptions just given the recent...”
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Fading
Direct sales force began selling Genius almost immediately
Source quote
“direct sales force began selling Genius almost immediately following the close, effectively addressing a long-standing product gap. Worldpay's U.S. Further, we are seeing strong early interest in Genus from Worldpay's enterprise restaurant clients, relationships that are opening meaningful cross-sell...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“At the same time, we continue to enhance our competitive position through strong commercial execution, ongoing innovation and the accelerated adoption of AI across our products and operations while also...”
“We saw solid growth in North America in the second quarter, and our enlarged and transformed sales force continued to deliver strong results as we accelerated the rollout of Genius,...”
“Enterprise volumes grew 4%, highlighting our ability to expand yields based on the strength of our solutions.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 3.32B | 2.97B | +11.8% | 1.97B | +68.6% |
| Gross profit | 2.03B | 1.70B | +19.5% | 1.47B | +38.1% |
| Operating income | 337.1M | -15.6M | Turned profit | 393.3M | −14.3% |
| Net income | 13.0M | -1.80B | Turned profit | 241.6M | −94.6% |
| EPS | 0.05 | -6.59 | Turned profit | 0.99 | −94.9% |
| P/E | 12-mo loss | 12-mo loss | — | 14.0 | — |
Topics
Most discussed now
- At the same time, Global Payments remains focused on disciplined capital deployment and maximizing total shareholder return.
- Global Payments' ability to generate durable mid-single-digit growth in the face of transient external headwinds demonstrates the benefits…
- It was probably a little bit higher than that.
- During the quarter, Global Payments returned approximately $550 million through its previously announced accelerated share repurchase…
- Its integration of Worldpay is progressing rapidly, and Global Payments is progressing well against the road map it established to unlock...
Faded since Q1 2026
- Fading The campaign delivered more than 330 million impressions and reached over 6 million unique consumers supporting awareness and future…
- Fading As the world's leading pure-play commerce solutions provider, Global Payments' North Star remains driving sustainable growth through an…
- Fading In its first quarter operating as a pure-play provider of commerce enablement solutions, Global Payments saw strong commercial activity in…
- Fading Execution, the acceleration of Global Payments' innovation agenda, particularly with its Genius platform and the increasing application of…
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K
- Material agreement; New financial obligation; Other events · SEC 8-K
- Material agreement · SEC 8-K
- Other events · SEC 8-K
- Other events · SEC 8-K