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ACQUISITIONS | 3 Months Ended
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Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
ACQUISITIONS | 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. 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. 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 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) |

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