Global Payments (GPN) 10-K risk factor changes: FY2025 vs FY2024

- Our inability to protect our systems and data from continually evolving cybersecurity threats or other technological risks could adversely affect our ability to deliver our services; damage our reputation among our customers, card issuers, financial institutions, card networks, partners and cardholders; adversely affect our continued card network registration or membership and financial institution sponsorship; and expose us to [added: lost revenues,] penalties, fines, liabilities, legal claims and defense costs.

- Our revenues from the provision of services to merchants that accept Visa and [removed: Mastercard] [added: Mastercard, or any other network,] are dependent upon our continued Visa and Mastercard registrations, financial institution sponsorship and, in some cases, continued membership in certain card networks.

- Our future growth depends in part on the continued expansion within [added: the] markets in which we already operate, the emergence of and our [added: successful] entry into new markets and the continued availability of alliance relationships [removed: and] [added: as well as] strategic acquisition and joint venture opportunities.

- There may be a decline in the use of cards and other digital payments as a payment mechanism for consumers or other adverse developments [removed: with respect to] [added: affecting] the card industry in general.

[removed: - The] [added: The] integration and conversion of our acquired operations or other future acquisitions, if any, could result in increased operating costs if the anticipated synergies from the combination are not [removed: achieved,] [added: achieved on] a [added: timely basis or at all, a] loss of strategic opportunities if management is distracted by the integration process and a loss of customers if our service levels drop during or following the integration [removed: process.][added: process.]

- We are subject to [removed: economic] [added: changes to the macroeconomic] and geopolitical [removed: risk,] [added: environment,] health and social events or conditions, the business cycles and credit risk of our customers and the overall level of consumer, business and government spending, which [added: we cannot control and] could adversely affect our business, financial condition, results of operations and cash flows.

- Investor and other stakeholder [removed: scrutiny related to] [added: interest in] our sustainability practices, and our disclosed performance and aspirations for these practices, [removed: may increase costs] [added: may, from time to time, result in additional considerations or expectations] and expose us to [removed: numerous] risks.

Our inability to protect our systems and data from continually evolving cybersecurity threats or other technological risks could adversely affect our ability to deliver our services; damage our reputation among our customers, card issuers, financial institutions, card networks, partners and cardholders; adversely affect our continued card network registration or membership and financial institution sponsorship; and expose us to [added: lost revenues,] penalties, fines, liabilities, legal claims and defense costs.

We are a regular target of malicious [removed: third-party] attempts to identify and exploit system vulnerabilities, and/or [added: to] penetrate or bypass our security measures, in order to gain unauthorized access to our networks and systems or those of our associated third parties.

We have adopted policies and [removed: procedures, including] [added: procedures as part of our information security program, as well as] an incident response [removed: plan and oversight of cybersecurity risks by both the board of directors and management oversight of cybersecurity risks,] [added: plan,] that [removed: we believe] are designed to facilitate the identification, assessment and management of those risks, including any risks that have the potential to be material.

Our information security [removed: program] [added: program, which is designed to address cybersecurity risks and is subject to oversight by both the Board of Directors and management,] includes technical, physical and administrative controls that are designed to maintain the confidentiality, integrity and availability of our information and technical assets.

More [removed: particularly,] [added: specifically,] our computer systems and/or our associated third parties’ computer systems have been, and we expect will continue to be, targeted [removed: for penetration] on a regular basis, and our data protection measures may not prevent, and occasionally have not prevented, unauthorized access.

The techniques used to obtain unauthorized access, disable or degrade services or sabotage [removed: systems change frequently.]

Threats to our systems and our associated third parties’ systems [removed: (such as the use of AI by threat actors in furtherance of cyberattacks)] can derive from human error or malicious actions by employees or third parties, including state-sponsored organizations with significant financial and technological resources.

Denial of service, [removed: ransomware] [added: ransomware, phishing attempts, brute force attacks, exploiting software vulnerabilities (including “zero-day attacks”), supply chain attacks and other events] or other methods of attacks could be launched against us for a variety of purposes, including to interfere with our services or to create a diversion for other malicious activities.

Companies we acquire may also require implementation of additional [removed: cyber] [added: cybersecurity] defense controls or processes to align with our information security program and, as a result, there may be a period of heightened risk between the acquisition date and the completion of such implementation.

We [removed: believe we] have designed our risk identification, assessment and management processes and procedures to account for cybersecurity risks associated with our use of third-party service providers.

However, we do not control the actions of our associated third parties, and any disruptions in their services caused by [removed: cyberattacks] [added: cybersecurity attacks] and/or security breaches could adversely affect our ability to service our customers or otherwise conduct our business.

[removed: In addition, we] [added: We] impose contractual requirements on our counterparties, including vendors and other third parties, to comply with applicable privacy and security laws related to the use and security of sensitive or personal information.

Any type of security [removed: breach, cyberattack,] [added: incident, cybersecurity attack,] unintentional or intentional disclosure of sensitive business and personal [removed: information] [added: information,] or misuse of data described above or otherwise, whether experienced by us or an associated third party, could harm our reputation; deter existing and prospective customers from using our services or from making digital payments generally; [added: cause a loss of revenue;] increase our operating expenses in order to contain and remediate the incident; expose us to unanticipated or uninsured liability; disrupt our operations (including potential service interruptions); distract our management; increase our risk of litigation or regulatory scrutiny; [added: and] result in the imposition of penalties and fines under state, federal and foreign laws or by the card [removed: networks; and adversely affect] [added: networks (which may not be covered by] our [removed: continued card network registration or membership and financial institution sponsorship.][added: insurance policies).]

Also, prospective merchant customers, [removed: financial institutions,] sales partners or other third parties could choose to terminate negotiations with us, or delay or choose not to consider us for their processing needs.

With the often short timeframes required for [removed: cyber] [added: cybersecurity] incident reporting, there is a risk that [removed: the Company] [added: we] or [removed: its] [added: our] associated third parties will fail to meet the reporting deadlines for any given incident.

The hardware infrastructure on which our systems run may have [removed: a] faulty [removed: component] [added: components] or fail.

Defects in our software services, underlying hardware or errors or delays in our processing of digital transactions could result in additional development costs, diversion of technical and other resources from our other development efforts and could result in loss of [added: business, loss of] credibility with current or potential customers, harm to our reputation and exposure to liability claims.

[removed: Many] [added: Certain] of our contractual agreements with [removed: financial institutions and certain other] customers require the payment of penalties if we do not meet certain operating standards.

Our systems and operations or those of our third-party providers could be exposed to damage or interruption from, among other things, fire; climate-related events, including extreme weather events; natural disasters; pandemics; power loss; telecommunications failure; terrorist acts; war; unauthorized entry; [removed: malicious] [added: cybersecurity] attacks; human error; hardware failure; and computer [removed: viruses] [added: viruses, vulnerabilities] or other defects.

There is also a risk that third-party suppliers of hardware and infrastructure required to support our employee productivity or our suppliers could be affected by supply chain [removed: disruptions, such as manufacturing and shipping delays.][added: disruptions or delays caused by the events described above.]

[removed: Any of the foregoing could] [added: Higher than historical attrition may] have a material adverse effect on our business, financial condition, results of operations and cash flows.

In this industry, our primary competitors include other independent payment processors, [removed: credit] card processing firms, third-party card processing software institutions, as well as financial institutions, ISOs, payment facilitators and, potentially, card networks.

It is also possible that larger financial [removed: institutions, including some who are customers of ours,] [added: institutions] could decide to perform in-house some or all of the services that we currently provide or could provide.

Furthermore, we are facing increasing competition from nontraditional competitors, including new entrant technology companies, who offer certain innovations in payment [removed: methods.][added: method acceptance and processing.]

These projects carry the risks associated with any development effort, including cost overruns, delays in delivery and [added: implementation and] performance problems, which could in turn lead to impairment of long-lived assets associated with projects.

Any delay in the delivery [added: and implementation] of new services or the failure to differentiate our services could render our services less desirable to customers, or possibly even obsolete.

Our revenues from the provision of services to merchants that accept Visa and [removed: Mastercard] [added: Mastercard, or any other network,] are dependent upon our continued Visa and Mastercard registrations, financial institution sponsorship and, in some cases, continued membership in certain card networks.

In order to provide our Visa and Mastercard transaction processing services, we must be either a direct member or registered as a merchant processor [removed: or service provider] of Visa and Mastercard, respectively.

Registration as a merchant processor [removed: or service provider] is dependent upon our being sponsored by members of each organization in certain jurisdictions.

The termination of our registrations or our membership or our status as a [removed: service provider or a] merchant processor, or any changes in card association or other network rules or standards, including interpretation and implementation of the rules or standards, that increase the cost of doing business or limit our ability to provide transaction processing services to our customers, could have a material adverse effect on our business, financial condition, results of operations and cash flows.

If we were unable to find a replacement financial [removed: institution] [added: institution,] we may no longer be able to provide processing services to certain customers, which could adversely affect our business, financial condition, results of operations and cash flows.

[removed: Our referral] partners are a significant source of new business.

Our future growth [removed: depends] [added: depends,] in [removed: part] [added: part,] on the continued expansion within [added: the] markets in which we already operate, the emergence of and our [added: successful] entry into new markets and the continued availability of alliance relationships [removed: and] [added: as well as] strategic acquisition and joint venture opportunities.

- If our enterprise segment merchants direct significant transaction volume away from us to other providers, it could adversely affect our business, financial condition, results of operations and cash flows.

systems change frequently.

These threats may be facilitated and exacerbated by the use of AI technologies, which may increase system complexity, expand data usage, and introduce new attack surfaces or modes of exploitation.

We may not be able to effectively mitigate these risks or to implement new technology to address these risks in a timely fashion.

We may be unable to integrate the business of Worldpay successfully or realize the anticipated benefits of the Worldpay Acquisition, which could adversely affect our business, financial condition, results of operations and cash flows.

The acquisition and integration of Worldpay involves a number of risks.

The combination of two independent businesses is complex, costly and time consuming, and we will be required to devote significant management attention and resources to integrating the business practices and operations of Worldpay.

Potential difficulties that we may encounter as part of the integration process include the following:

- The inability to successfully combine the business of Worldpay in a manner that permits us to achieve, on a timely basis, or at all, the enhanced revenue opportunities and cost savings and other benefits anticipated to result from the acquisition;

- Complexities associated with managing the combined businesses, including difficulty addressing possible differences in corporate cultures and management philosophies and the challenge of integrating complex systems, technology, networks and other assets in a seamless manner that minimizes any adverse impact on customers, suppliers, employees and other stakeholders (with such complexities heightened because we are managing the separation of our Issuer Solutions business, which was recently divested to FIS, at the same time we are managing the integration of Worldpay);

- Our ability to retain personnel after the Worldpay Acquisition, including Worldpay's key management, who may be critical to our future operations, which could disrupt our operations, loss of existing customers, loss of key information, expertise or know-how and unanticipated additional recruitment and training costs;

- Our ability to manage the combined, now significantly larger, Merchant Solutions business, including challenges related to management and monitoring of new operations and the associated increased costs and complexity of the combined business;

- Our ability to realize the expected operating efficiencies, cost savings, revenue enhancements or other benefits currently anticipated from the Worldpay Acquisition;

- Potential adverse reactions or changes to business relationships resulting from the Worldpay Acquisition, including as it relates to our or Worldpay's ability to successfully renew existing client contracts on favorable terms or at all and obtain new clients;

- Potential unknown liabilities and unforeseen increased expenses or delays associated with the acquisition; and

- Diversion of the attention of management and the disruption of, or the loss of momentum in, our ongoing businesses or inconsistencies in standards, controls, procedures and policies.

Any of these factors could affect our ability to maintain relationships with customers, suppliers, employees and other stakeholders or achieve the anticipated benefits of the Worldpay Acquisition, which could adversely affect our business, financial condition, results of operations and cash flows.

- There may be potential adverse reactions or changes to business relationships resulting from the acquisition or joint venture, including as it relates to our or the acquired company's or our joint venture partners' ability to successfully renew existing client contracts on favorable terms or at all and obtain new clients;

- The costs related to the integration of the acquired business and operations into ours may be greater than anticipated or such integration and achievement of cost savings could come at the expense of other aspects of our operations, including degradation of products and services, which may incur additional and/or unexpected costs in order to realize these cost savings.

Our referral

In addition, regulatory changes may lead financial institutions to impose additional fees on the use of credit or debit cards, which could reduce card usage.

Worldpay provides services to

a large portfolio of high risk merchants who promise future delivery of goods and services, and upon our acquisition of Worldpay, we have increased exposure to merchants who present a heightened financial risk to our business.

These risk mitigation processes and policies do not guarantee that we will not experience losses in connection with merchant chargebacks.

Events outside of our control and outside of a merchant’s control, including macroeconomic trends, geopolitical developments, and natural disasters may increase the likelihood of chargebacks to certain merchants and, accordingly, losses to our business.

If our enterprise segment merchants direct significant transaction volume away from us to other providers, it could adversely affect our business, financial condition, results of operations and cash flows.

Many merchants in our enterprise merchant segment have non-exclusive agreements with multiple providers of payment processing services and receive services simultaneously from multiple providers.

These large merchants frequently have the contractual right and the technical capabilities to redirect and reallocate transaction volume between payment processors at any time and in their discretion.

There are many reasons why an enterprise merchant may decide to direct transaction volume away from us including a failure by us to provide services in accordance with merchants’ expectations and an offer for more competitive pricing by another provider.

If our enterprise customers shift significant transaction volume to other providers, it will adversely affect our business, financial condition, results of operations and cash flows.

and potential disputes with the buyers.

For example, any direct or indirect use of AI and machine learning is subject to risks that algorithms and datasets are flawed or may be insufficient or contain biased information.

In addition, the models and processes relating to AI and machine learning are not always transparent, which could increase the risk of unintended deficiencies.

These deficiencies could result in inaccurate and ineffective decisions, predictions or analysis, which could subject us to competitive harm, legal liability, increased regulatory scrutiny, reputational harm or other consequences that we may not be able to predict, any of which could adversely affect our business, financial condition and results of operations.

See "—Legal, Regulatory Compliance and Tax Risks—Our business is subject to government regulation and oversight.

Any new implementation of or changes made to laws, regulations or other industry standards affecting our business in any of the geographic regions in which we operate may require significant development and compliance efforts or have an unfavorable effect on our ability to continue to offer certain services, which could adversely affect our business, financial condition, results of operations and cash flows" for further information about the government regulation and oversight of AI technologies.

These types of

See "—Risks Related to Our Business Model and Operations—Our business may be affected by current and

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions.

The legislation has multiple effective dates beginning in 2025.

- Consolidation among financial institutions or among retail customers, including the merger of our customers with entities that are not our customers or the sale of portfolios by our customers to entities that are not our customers, could materially affect our business, financial condition, results of operations and cash flows.

- If we do not renew or renegotiate our agreements on favorable terms with our customers within the Issuer Solutions segment, our business will suffer.

The timing of the conversions or deconversions of card portfolios could also affect the amount and timing of our revenues and expenses.

Higher than expected attrition could negatively affect our results, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

We may also face increased scrutiny from governmental authorities if we become a larger business.

Regulatory changes may result in financial institutions seeking to charge their customers additional fees for use of credit or debit cards.

Such fees may result in decreased use of credit or debit cards by cardholders.

Consolidation among financial institutions or among retail customers, including the merger of our customers with entities that are not our customers or the sale of portfolios by our customers to entities that are not our customers, could materially affect our business, financial condition, results of operations and cash flows.

Consolidation among financial institutions, particularly in the area of credit card operations and consolidation in the retail industry, is a risk that could negatively affect our existing customer agreements and future revenues.

In addition, consolidation among financial institutions has led to an increasingly concentrated customer base, which results in a changing mix toward larger customers.

Continued consolidation among financial institutions could increase the bargaining power of our current and future customers and further increase our customer concentration.

Consolidation among financial institutions and retail customers and the resulting loss of any significant number of customers by us could have a material adverse effect on our business, financial condition, results of operations and cash flows.

If we do not renew or renegotiate our agreements on favorable terms with our customers within the Issuer Solutions segment, our business will suffer.

The timing of the conversions or deconversions of card portfolios could also affect the amount and timing of our revenues and expenses.

A significant amount of our Issuer Solutions segment revenues is derived from long-term contracts with large financial institutions and other financial service providers.

The financial position of these customers and their willingness to pay for our services are affected by general market conditions, competitive pressures and operating margins within their industries.

When our long-term contracts near expiration, the renewal or renegotiation of the contract presents our customers with the opportunity to consider other providers, transition all or a portion of the services we provide in-house or seek lower rates for our services.

Additionally, as we modernize the technology platform we use to deliver services, some Issuer Solutions customers may not be agreeable to our modernization efforts and may choose to end their contracts prematurely, or not renew their contracts as a result.

The loss of our contracts with existing customers or renegotiation of contracts at reduced rates or with fewer services could have a material adverse effect on our business, financial condition, results of operations and cash flows.

In addition, the timing of the conversion of card portfolios of new payment processing customers to our processing systems and the deconversion of existing customers to other systems could affect the amount and timing of our revenues and expenses.

Due to a variety of factors, conversions and deconversions may not occur as scheduled, and this may have a material adverse effect on our business, financial condition, results of operations and cash flows.

- The costs related to the integration of the acquired business and operations into ours may be greater than anticipated.

We are also subject to examination by the FFIEC as a result of our provision of data processing services to financial institutions.

As the regulatory environment remains unpredictable and subject to rapid change, new obligations could increase the cost and complexity of compliance.

Evolving regulations also increase the risk of investigations, fines, nonmonetary penalties and litigation.

Because of our services in relation to the banking industry, much of our business is obligated, either under law or via contracts with our customers, to comply with anti-money laundering regulations.

Noncompliance with these regulations could lead to substantial regulatory fines and penalties or damages from private causes of action.

The effective dates are generally January 1, 2024, and January 1, 2025, for different aspects of the rules and vary by jurisdiction.

Additional jurisdictions are expected to implement the model rules under local law in the future, with varying effective dates.

We are continuing to evaluate the potential effect on future periods of the Pillar Two implementation, pending legislative adoption by additional individual countries and the ongoing issuance of additional administrative guidance by the OECD.

Climate-related events, including extreme weather events and natural disasters and their effects on critical infrastructure in the U.S. or internationally, could have adverse effects on our operations, customers or third-party suppliers.

The standards and laws by which sustainability efforts are tracked and measured are in many cases new, have not been harmonized, and continue to evolve.

We could also face potential negative publicity if shareholders, customers, partners, government entities or other stakeholders determine that we have not adequately considered or addressed sustainability and governance matters or to the extent we are perceived to have not responded appropriately to their concerns or take positions that are contrary to their views or expectations.

Forward-looking statements are based on a number of assumptions and estimates that are inherently subject to significant risks and uncertainties, and our actual results could differ materially from the results anticipated by our forward-looking statements as a result of many known and unknown factors, including, but not limited [removed: to,] [added: to] those discussed in [removed: "Item] [added: “Item] 1A [removed: -] [added: –] Risk [removed: Factors"] [added: Factors”] of this Annual Report on Form 10-K.

Discussion of our results of operations for the year ended December 31, [removed: 2023] [added: 2024] compared to the year ended December 31, [removed: 2022] [added: 2023] that [removed: have] [added: has] been omitted under this item [added: and] can be found in "Part II, Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations" in [added: "Exhibit 99.1" to] our [removed: Annual] [added: Current] Report on Form [removed: 10-K for the year ended December 31, 2023, which was] [added: 8-K] filed [removed: with the United States Securities and Exchange Commission] on [removed: February 14, 2024.][added: November 4, 2025.]

We have grown organically, as well as through acquisitions, and continue to invest in new technology [removed: solutions,] [added: solutions and] infrastructure to support our growing business and the ongoing consolidation and enhancement of our operating platforms.

These investments include new product development and innovation to further enhance and differentiate our suite of technology and [added: software] solutions available to customers, along with migration of certain underlying technology platforms to cloud environments to enhance performance, improve speed to market and drive cost efficiencies.

[removed: In connection with the issuance of the notes, we entered into privately negotiated] capped call transactions to hedge the potential dilutive effect upon conversion of the notes, or offset our cash obligation if the cash settlement option were to be [removed: elected, for amounts in excess of the principal amount of converted notes up to a cap price.][added: elected.]

Highlights related to our results of operations for the year ended December 31, [removed: 2024] [added: 2025] include the following:

[removed: -] Consolidated [removed: revenues] [added: operating income] for the year ended December 31, [removed: 2024 increased to $10,105.9] [added: 2025 was $1,754.6] million, compared to [removed: $9,654.4] [added: $1,974.5] million for the prior year.

The increase in [removed: consolidated] revenues was primarily due to [removed: growth] [added: an increase] in transaction [removed: volume.][added: volume of $84.6 million driven by cardholder activity.]

- Merchant Solutions [removed: and Issuer Solutions] segment operating income and operating margin for the year ended December 31, [removed: 2024] [added: 2025] increased compared to the prior year primarily due to the favorable effect of [removed: increases in revenues, as certain fixed costs do not vary] [added: cost reduction activities associated] with [removed: revenues.][added: our transformation program.]

[added: -] Consolidated operating income [added: and operating margin] for the year ended December 31, [removed: 2024] [added: 2025] included the [added: effects of a $331.4 million] gain on the sale of [added: Payroll Solutions compared to a gain of $273.1 million for the sale of] AdvancedMD [removed: described above.][added: in the prior year.]

[removed: Early in] [added: In] 2024, we launched a holistic review of our business to examine our strategy, operations and ability to deliver sustainable performance.

As we focus on executing and delivering transformation initiatives, we have incurred and anticipate incurring incremental expenses related to the transformation [removed: and potential additional asset impairment charges] through [removed: early] [added: the first half of] 2027.

We [removed: are] also [removed: undertaking a strategic review of] [added: continue to assess] our business portfolio to evaluate potential assets for disposition to further streamline our business and create value for shareholders.

We currently expect our transformation initiatives to generate more than [removed: $600] [added: $650] million of annual run-rate operating income benefit by the first half of 2027.

Furthermore, due to its benefits and growth potential, we anticipate the increased [removed: exploration of] use of AI in the payments industry.

We are exposed to general economic conditions, including [added: the effects of] currency fluctuations, inflation, rising interest [added: rates, tariff increases, global trade relations, international tensions, higher] rates [added: of unemployment,] and other conditions that affect the overall level of consumer, business and government spending, which could negatively affect our financial performance.

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. A disruption in financial markets could [removed: harm] [added: negatively affect] our banking partners, which could affect our ability to access our cash or cash equivalents, our ability to provide settlement services or our customers' ability to access their existing cash to fulfill their payment obligations to us.

Our revenues [removed: for both of our segments] are dependent upon the volume of payment transactions we [removed: process, cardholder accounts on file] [added: process] and other factors (referred to herein as "transaction volume").

*Merchant Solutions.* The majority of our Merchant Solutions [removed: segment] revenues [removed: is] [added: are] generated by services priced as a percentage of transaction value or a specified fee per transaction, depending on card type or industry vertical.

Merchant Solutions [removed: segment] revenues depend upon a number of factors, such as demand for and price of our services, the technological competitiveness of our offerings, our reputation for providing timely and reliable service, competition within our industry and general economic conditions.

Revenues are generally recognized as [added: the amount] billed to the customer, net of interchange fees and payment network fees.

We also provide services to merchants referred by [removed: ISOs,] [added: independent sales organizations ("ISOs"),] payment facilitators and financial institutions.

*Issuer Solutions.* Issuer Solutions [removed: segment revenues] [added: revenues, which] are [added: presented in discontinued operations, are] primarily derived from long-term processing contracts with financial institutions and other financial services providers.

In our Issuer Solutions [removed: segment,] [added: business, which is presented as a discontinued operation,] cost of service also includes out-of-pocket reimbursable costs, such as postage and other production items.

We have equity method investments, including a 45% interest in China UnionPay Data [added: Services] Co., Ltd., which we account for using the equity method of accounting.

Equity in income of equity method investments [removed: reflects] [added: includes] our proportional share of earnings from these investments.

Year Ended December 31, [removed: 2024] [added: 2025] Compared to Year Ended December 31, [removed: 2023][added: 2024]

The following table sets forth key selected financial data for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] this data as a percentage of total revenues, and the changes between periods in dollars and as a percentage of the prior-period amount.

The income statement data for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] is derived from the accompanying consolidated financial statements included in "Item 8 - Financial Statements and Supplementary Data" of this Annual Report on Form 10-K.

| (dollar amounts in thousands) | | | [removed: 2024] [added: 2025] | | | | | | % of Revenue(1) | | | | | | [removed: 2023] [added: 2024] | | | | | | % of Revenue(1) | | | | | | Change | | | | | | % Change | | |

[removed: | Revenues(2): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |][added: Revenues]

| Net [removed: (gain) loss] [added: gain] on business dispositions | | | [removed: (273,134)] [added: (315,976)] | | | | | | | | | | | | [removed: 136,744] [added: (273,134)] | | | | | | | | | | | | [removed: (409,878)] [added: (42,842)] | | | | | | NM | | |

| Net gain [removed: (loss)] on business dispositions | | | [removed: 273,134] [added: 315,976] | | | | | | | | | | | | [removed: (136,744)] [added: 273,134] | | | | | | | | | | | | [removed: 409,878] [added: 42,842] | | | | | | NM | | |

See “Note 2—Acquisitions” and “Note 3—Business [removed: Dispositions”] [added: Dispositions and Discontinued Operations”] for further discussion.

Operating income included acquisition and [removed: integration] [added: transformation] expenses of [removed: $211.6] [added: $737.5] million and [removed: $341.9] [added: $308.5] million for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively, which were primarily included within Corporate selling, general and administrative expenses.

[removed: Consolidated revenues] [added: Revenues] for the year ended December 31, [removed: 2024] [added: 2025] increased by [removed: $451.5] [added: $116.5] million, or [removed: 4.7%,] [added: 4.9%,] to [removed: $10,105.9] [added: $2,509.7] million from [removed: $9,654.4] [added: $2,393.2] million in the prior year.

[removed: *Merchant Solutions Segment.*] Revenues from our Merchant Solutions [removed: segment] [added: business] for the year ended December 31, [removed: 2024 increased] [added: 2025 decreased] by [removed: $536.9] [added: $30.1] million, or [removed: 7.5%,] [added: 0.4%,] to [removed: $7,688.7] [added: $7,705.9] million from [removed: $7,151.8] [added: $7,736.0] million in the prior year.

[removed: *Issuer Solutions Segment.* Revenues from our Issuer Solutions] [added: Cost of service as a percentage of] segment [added: revenues increased to 27.4%] for the year ended December 31, [removed: 2024 increased by $84.8 million, or 3.5%, to $2,483.7 million] [added: 2025] from [removed: $2,398.9 million] [added: 26.3%] in the prior year.

*Cost of Service.* Cost of service [added: from our Merchant Solutions business] for the year ended December 31, [removed: 2024] [added: 2025] increased by [removed: $32.6] [added: $79.9] million, or [removed: 0.9%,] [added: 3.9%,] to [removed: $3,760.1] [added: $2,113.4] million from [removed: $3,727.5] [added: $2,033.5] million in the prior year.

[removed: Our consumer business had a higher cost of service as a percentage of segment revenues relative to our Merchant Solutions and Issuer Solutions segments and the] [added: The] disposition [added: of AdvancedMD] had the effect of reducing [removed: consolidated] cost of service as a percentage of revenues by [removed: 0.5%] [added: 0.2%] for the year ended December 31, [removed: 2023.][added: 2025 compared to the year ended December 31, 2024.]

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.

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 as described above.

In April 2025, we obtained bridge financing that was terminated in November 2025 when we issued $6.2 billion in senior unsecured notes as described in "Note 9—Long-Term Debt and Lines of Credit" in the accompanying consolidated financial statements.

Our Issuer Solutions business met the criteria to be classified as a discontinued operation, and we present the historical operations of our former Issuer Solutions reportable segment as discontinued operations for all periods presented accordingly.

Our continuing operations consists of our Merchant Solutions business and corporate functions.

See "Note 1—Basis of Presentation and Summary of Significant Accounting Policies" and “Note 3—Business Dispositions and Discontinued Operations” in the notes to the accompanying consolidated financial statements for further information.

- Revenues for the year ended December 31, 2025 were essentially flat at $7,705.9 million, compared to $7,736.0 million for the prior year despite the effects of the dispositions of the Advanced MD and Payroll Solutions businesses.

- Consolidated operating income for the year ended December 31, 2025 reflects an increase in transformation costs we incurred in preparation for the divestiture of our Issuer Solutions business and in positioning ourselves for the future integration of Worldpay.

Continuing Operations

| Revenues(2) | | | $ | 7,705,878 | | | | | 100.0 | | % | | | | $ | 7,735,970 | | | | | 100.0 | | % | | | | $ | (30,092) | | | | | (0.4) | | % |

| Cost of service | | | $ | 2,113,381 | | | | | 27.4 | | % | | | | $ | 2,033,471 | | | | | 26.3 | | % | | | | $ | 79,910 | | | | | 3.9 | | % |

| Merchant Solutions | | | $ | 2,857,334 | | | | | | | | | | | $ | 3,120,279 | | | | | | | | | | | $ | (262,945) | | | | | (8.4) | | % |

| Corporate | | | 1,263,297 | | | | | | | | | | | | 880,854 | | | | | | | | | | | | 382,443 | | | | | | 43.4 | | % |

| Consolidated selling, general and administrative | | | $ | 4,120,631 | | | | | 53.5 | | % | | | | $ | 4,001,133 | | | | | 51.7 | | % | | | | $ | 119,498 | | | | | 3.0 | | % |

| Impairment of goodwill | | | 33,218 | | | | | | | | | | | | — | | | | | | | | | | | | 33,218 | | | | | | NM | | |

| Consolidated operating expenses | | | $ | 5,951,254 | | | | | 77.2 | | % | | | | $ | 5,761,470 | | | | | 74.5 | | % | | | | $ | 189,784 | | | | | 3.3 | | % |

| Merchant Solutions | | | $ | 2,735,163 | | | | | | | | | | | $ | 2,582,220 | | | | | | | | | | | $ | 152,943 | | | | | 5.9 | | % |

| Corporate | | | (1,263,297) | | | | | | | | | | | | (880,854) | | | | | | | | | | | | (382,443) | | | | | | 43.4 | | % |

| Impairment of goodwill | | | (33,218) | | | | | | | | | | | | — | | | | | | | | | | | | (33,218) | | | | | | NM | | |

| Consolidated operating income | | | $ | 1,754,624 | | | | | 22.8 | | % | | | | $ | 1,974,500 | | | | | 25.5 | | % | | | | $ | (219,876) | | | | | (11.1) | | % |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Merchant Solutions | | | 35.5 | | % | | | | | | | | | | 33.4 | | % | | | | | | | | | | 2.1 | | % | | | | | | |

For the year ended December 31, 2025, revenues in our integrated and embedded solutions service line increased $211.6 million, or 6.6%, as payments continue to transition to more embedded and digital native environments.

Revenues in our point of sale and software solutions service line decreased $190.9 million for the year ended December 31, 2025, or 12.6%.

Excluding the effect of the AdvancedMD business disposed of in December 2024 and the Payroll Solutions business disposed of in September 2025, revenues increased approximately 7% for the year ended December 31, 2025, driven by growth in software revenues.

Revenues in our core payments solutions service line declined $50.9 million for the year ended December 31, 2025, or 1.7%, as a result of reduced emphasis on our wholesale business and our exit of certain markets in Asia Pacific.

The increase in cost of service includes $71.5 million related to the support of transformation initiatives.

The primary driver of the reduction in selling, general and administrative expenses for the year ended December 31, 2025 was lower expenses associated with our new operating model and transformation initiatives.

The higher amount of corporate expenses was primarily driven by an increase in acquisition and transformation costs of $429.0 million for the year ended December 31, 2025.

The increase in gain on sale of $58.3 million contributed approximately 0.8% in operating margin for the year ended December 31, 2025; and

- Merchant Solutions operating income increased $152.9 million and operating margin increased 2.1% primarily due to the favorable effect of cost reduction initiatives associated with our new operating model and transformation initiatives.

Interest and other income for the year ended December 31, 2025 decreased $3.6 million to $155.1 million, compared to $158.7 million for the prior year.

The effective tax rate for the year ended December 31, 2025 was higher because of the tax effects of the gain on disposition of our Payroll Solutions business.

The gain on the disposition of our Payroll Solutions business for tax reporting purposes is higher than the gain for financial reporting purposes due to the derecognition of goodwill that is not deductible for tax reporting purposes.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions.

The legislation has multiple effective dates beginning in 2025.

The Group of Seven (G7) countries have agreed that U.S. Multi-National Entities (“MNEs”) should be excluded from certain aspects of the Pillar Two global minimum tax rules in exchange for the U.S. not imposing retaliatory taxes.

On January 5, 2026, the OECD released additional guidance and announced the Side-by-Side package which introduces simplifications and new safe harbors for U.S. MNEs.

We operate in two reportable segments: Merchant Solutions and Issuer 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.

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 segments.

We have furthered our business strategy through the following key transactions during 2024:

- We completed the sale of AdvancedMD, Inc. ("AdvancedMD") in December 2024 for approximately $1 billion, subject to certain closing adjustments, 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.

- Our capital structure initiatives during 2024 included the issuance of $2.0 billion in aggregate principal amount of 1.500% convertible senior notes due March 2031 through a private placement.

The year-over-year favorable effect on revenues from the EVO business acquired in March 2023 was offset by the unfavorable effect on revenues from the dispositions of our gaming and consumer businesses in April 2023.

Merchant Solutions operating income for the year ended December 31, 2024 also reflected an increase related to the acquired EVO business, as the year ended December 31, 2023 only included the acquisition for a portion of the period.

- Consolidated operating income for the year ended December 31, 2024 included the favorable effects of the increase in revenues as compared to the prior year, as well as lower acquisition and integration expenses and share-based compensation expense.

These favorable effects were offset by expenses related to business transformation activities, a technology asset charge and an increase in amortization of acquired intangibles, primarily related to the acquisition of EVO as discussed in further detail below.

Consolidated operating income for the year ended December 31, 2023 included the effects of the gain on the sale of our gaming business and the loss on the sale of our consumer business.

*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.

Revenues were recognized net of fees charged by the payment networks for services they provided in processing transactions routed through them.

| Merchant Solutions | | | $ | 7,688,703 | | | | | 76.1 | | % | | | | $ | 7,151,793 | | | | | 74.1 | | % | | | | $ | 536,910 | | | | | 7.5 | | % |

| Issuer Solutions | | | 2,483,657 | | | | | | 24.6 | | % | | | | 2,398,870 | | | | | | 24.8 | | % | | | | 84,787 | | | | | | 3.5 | | % |

| Consumer Solutions | | | — | | | | | | — | | % | | | | 182,740 | | | | | | 1.9 | | % | | | | (182,740) | | | | | | (100.0) | | % |

| Intersegment eliminations | | | (66,466) | | | | | | (0.7) | | % | | | | (78,984) | | | | | | (0.8) | | % | | | | 12,518 | | | | | | (15.8) | | % |

| Consolidated revenues | | | $ | 10,105,894 | | | | | 100.0 | | % | | | | $ | 9,654,419 | | | | | 100.0 | | % | | | | $ | 451,475 | | | | | 4.7 | | % |

| Cost of service: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Merchant Solutions | | | $ | 2,008,126 | | | | | | | | | | | $ | 1,925,880 | | | | | | | | | | | $ | 82,246 | | | | | 4.3 | | % |

| Issuer Solutions | | | 1,795,001 | | | | | | | | | | | | 1,738,047 | | | | | | | | | | | | 56,954 | | | | | | 3.3 | | % |

| Consumer Solutions | | | — | | | | | | | | | | | | 120,436 | | | | | | | | | | | | (120,436) | | | | | | (100.0) | | % |

| Intersegment eliminations | | | (43,011) | | | | | | | | | | | | (56,842) | | | | | | | | | | | | 13,831 | | | | | | (24.3) | | % |

| Consolidated cost of service | | | $ | 3,760,116 | | | | | 37.2 | | % | | | | $ | 3,727,521 | | | | | 38.6 | | % | | | | $ | 32,595 | | | | | 0.9 | | % |

| Merchant Solutions | | | $ | 3,067,662 | | | | | | | | | | | $ | 2,880,658 | | | | | | | | | | | $ | 187,004 | | | | | 6.5 | | % |

| Issuer Solutions | | | 246,214 | | | | | | | | | | | | 251,016 | | | | | | | | | | | | (4,802) | | | | | | (1.9) | | % |

| Consumer Solutions | | | — | | | | | | | | | | | | 66,212 | | | | | | | | | | | | (66,212) | | | | | | (100.0) | | % |

| Corporate | | | 994,886 | | | | | | | | | | | | 898,024 | | | | | | | | | | | | 96,862 | | | | | | 10.8 | | % |

| Intersegment eliminations | | | (23,455) | | | | | | | | | | | | (22,142) | | | | | | | | | | | | (1,313) | | | | | | 5.9 | | % |

| Consolidated selling, general and administrative | | | $ | 4,285,307 | | | | | 42.4 | | % | | | | $ | 4,073,768 | | | | | 42.2 | | % | | | | $ | 211,539 | | | | | 5.2 | | % |

| Consolidated operating expenses | | | $ | 7,772,289 | | | | | 76.9 | | % | | | | $ | 7,938,033 | | | | | 82.2 | | % | | | | $ | (165,744) | | | | | (2.1) | | % |

| Merchant Solutions | | | $ | 2,612,915 | | | | | | | | | | | $ | 2,345,255 | | | | | | | | | | | $ | 267,660 | | | | | 11.4 | | % |

For the year ended December 31, [removed: 2024,] [added: 2025,] the [removed: impact] [added: effect] of currency exchange rate fluctuations to our consolidated revenues and operating income was insignificant.

For the year ended December 31, [removed: 2024,] [added: 2025,] our transaction gains and losses were insignificant.

We have an unsubordinated unsecured [removed: $5.75] [added: $7.25] billion revolving credit facility, as well as a $2.0 billion commercial paper program and various lines of credit that we use to fund settlement in certain of our markets, each of which bears interest at rates that are based on market rates and fluctuate accordingly.

As of December 31, [removed: 2024,] [added: 2025,] the amount outstanding under these variable-rate debt arrangements and settlement lines of credit was [removed: $2.0] [added: $1.9] billion.

As of December 31, [removed: 2024,] [added: 2025,] we had interest rate swaps with a total notional amount of $1.5 billion to hedge changes in cash flows attributable to interest rate risk on a portion of our variable-rate debt instruments as further discussed below.

Based on balances outstanding under variable-rate debt agreements and invested cash balances at December 31, [removed: 2024,] [added: 2025,] a hypothetical increase of 50 basis points in applicable interest rates as of December 31, [removed: 2024] [added: 2025] would increase our annual interest expense by approximately [removed: $2.2] [added: $1.7] million and increase our annual interest income by approximately [removed: $5.2] [added: $34.4] million.

The payments technology industry provides financial institutions, businesses and consumers with payment processing services, merchant acceptance solutions and related [removed: information] [added: business management software] and [removed: other] value-added services.

Headquartered in Georgia with approximately [removed: 27,000] [added: 26,000] team members worldwide, Global Payments is a Fortune 500 company and is a member of the S&P 500.

See "Note [removed: 18—Segment Information"] [added: 3—Business Dispositions and Discontinued Operations"] in the notes to the accompanying consolidated financial statements for [added: further discussion regarding the divestiture of our Issuer Solutions business and "Note 18—Segment Information" for] additional information about our segments, including revenues, operating expenses, operating income and depreciation and amortization by segment, as well as financial information about geographic areas in which we operate.

[removed: Early in] [added: In] 2024, we launched a holistic review of our business to examine our strategy, operations and ability to deliver sustainable performance.

We are in the process of streamlining [removed: and simplifying] our organization and operating environments through our transformation program to deliver a global, unified operating company.

We are aligning the Global Payments brand identity across our assets and solidifying go-to-market activities under a [removed: common platform.][added: simplified technology environment.]

[removed: In our Merchant Solutions segment, we] [added: We] are harmonizing capabilities [removed: and prioritizing small-and-medium sized businesses] to deliver our full suite of differentiated software and commerce enablement [removed: solutions.][added: solutions to clients globally.]

We have also centralized our operations functions to enhance our servicing model and focus on improving the [removed: customer] [added: client] journey, leveraging best-in-class technology and providing differentiated service [removed: experiences for our clients.][added: experiences.]

We [removed: are] also [removed: undertaking a strategic review of] [added: continue to assess] our business portfolio to evaluate potential assets for disposition to further streamline our business and create value for shareholders.

In December 2024, we completed the sale of AdvancedMD, Inc. ("AdvancedMD") for approximately [removed: $1 billion, subject to certain closing adjustments,] [added: $1.1 billion] and up to $125 million [added: of] contingent [removed: upon the purchaser achieving certain specified returns.][added: consideration.]

[removed: Prior to disposition,] AdvancedMD [removed: provided] [added: 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 [removed: segment.][added: segment prior to disposition.]

See "Note 2—Acquisitions" and “Note 3—Business [removed: Dispositions”] [added: Dispositions and Discontinued Operations”] in the notes to the accompanying consolidated financial statements for further discussion of these and other recent transactions.

Through our Merchant Solutions segment, we provide payments technology and software solutions [removed: globally to primarily small- and-medium sized businesses and select mid-market and enterprise customers.][added: globally.]

In addition, we offer a wide array of business management software [removed: solutions] [added: solutions, including specialty point-of-sale ("POS") software,] that streamline business operations to customers in numerous vertical markets.

We also provide a variety of commerce enablement solutions and services, including [removed: specialty point-of-sale ("POS") software,] data analytics and customer engagement, human capital management and payroll, accounts receivable automation, inventory management and reporting that assist our customers with driving demand and operating their businesses more efficiently.

Our value proposition is to provide [removed: distinctive] [added: differentiated,] high-quality, responsive and secure services to all [removed: of] our customers.

[removed: We go to market in] [added: In the] Merchant Solutions [removed: globally] [added: segment, we actively market and provide our payment services, business management software solutions and other value-added services directly to our customers and through a variety of distribution channels] across three [removed: lines of business, including] [added: business pillars:] Point-of-Sale and Software Solutions, Integrated and Embedded Solutions and Core Payments Solutions.

We [added: also] focus on providing [removed: differentiated] [added: distinctive] customer service from the sales process, to onboarding, to ongoing support across our business.

We have a wide array [added: and diversity] of distribution channels led by one of the premiere direct sales teams in the industry.

[removed: *Point-of-Sale] [added: *POS] and Software Solutions*.

Our [removed: Point-of-Sale] [added: POS] and Software Solutions business provide advanced payments technology that is integrated into point-of-sale systems and business management software solutions that we own.

We have capabilities in cloud-based [removed: point-of-sale] [added: POS] for restaurant and retail and leading software in other verticals including education (serving colleges, universities, and kindergarten through 12th grade level institutions), real estate (primarily property management), and communities (serving event organizers largely in the health and fitness market).

[removed: Our Point-of-Sale] [added: POS] and Software Solutions business offers a range of features [removed: which] [added: that] are being combined under our Global Payments brand identity across all of our assets.

*Integrated and Embedded Solutions.* Our Integrated and Embedded Solutions business provides advanced payments technology that is embedded into business management software solutions owned by our technology partners [removed: who] [added: that] operate in numerous vertical markets and countries.

Credit and debit card transaction processing includes processing the world's major international card brands, including, among others, American Express, Discover Card ("Discover"), JCB, Mastercard, UnionPay [removed: International] [added: International,] and Visa, as well as certain domestic debit networks, such as Interac in Canada.

Our revenues on a transaction generally [removed: reflects] [added: reflect] the merchant [removed: discount] [added: discount,] less interchange fees and payment network fees.

[removed: ][added: ]

Issuer [removed: Solutions Segment][added: Solutions]

Our Issuer Solutions [removed: segment] [added: business, which] is [added: presented as] a [added: discontinued operation, is a] leading provider of comprehensive commerce solutions supporting the payment ecosystem for issuers.

We [removed: are undertaking] [added: have undertaken] a comprehensive modernization of [removed: our] [added: the] Issuer Solutions [removed: segment,] [added: business,] encompassing both technology and operations.

We [removed: have] completed the development [added: and commercial launches] of our [added: modernized] client-facing applications in [removed: the cloud and remain on track for commercial launches throughout] 2025.

Issuer Solutions [removed: segment] revenues are primarily derived from long-term processing contracts with financial institutions and other financial services providers.

Most of these customer contracts have prescribed annual minimums, penalties for early termination, and service level agreements that may affect [removed: contractual fees if specified service levels are not achieved.]

Issuer Solutions [removed: segment] revenues also include software subscription, licensing fees, loyalty redemption services and professional services.

We benefit from the adoption of, and transition to, card and digital-based payments and are focused on expanding our share in our existing markets through software and service innovation leveraging our industry-leading direct and [removed: partner] distribution channels, as well as through targeted bolt-on acquisitions to improve our offerings and scale.

- Enhancing our capabilities in cloud-based POS and software [removed: with a focus on key] [added: solutions in select] vertical [removed: markets including restaurant, retail, education, real estate and communities;][added: markets;]

- Further investing in our leadership position in integrated payments and embedded solutions where we offer tailored operating models and commercial structures for partners and [removed: customers;][added: clients;]

- [removed: Deliver] [added: Delivering innovative] commerce enablement solutions globally to expand our [removed: leading] position as a client-centric, [removed: product-led company;] [added: product -led company, including investing in AI capabilities] and [added: strategic partnerships to position our platforms to support agent-driven commerce; and]

- [removed: Enable] [added: Enabling] frictionless, best-in-class customer experiences, creating longer-term relationships.

[removed: - *Technology] [added: *•Technology] Solutions -* We provide innovative [removed: technology-based] [added: payment technology] solutions, [removed: including] [added: as well as] enterprise software and other [removed: ecommerce] [added: commerce] enablement solutions, that enable our customers to operate their businesses more efficiently, increase sales and simplify the payments process, regardless of the channel through which the transaction occurs.

In executing and delivering on our transformation initiatives, we have incurred and anticipate incurring incremental expenses related to this program through the first half of 2027, including but not limited to changes to the recoverability of assets and our estimates of remaining useful lives.

*Acquisition of Worldpay Holdco, LLC and Disposition of Issuer Solutions*

In January 2026, we acquired 100% of Worldpay Holdco, LLC (“Worldpay”) from Fidelity National Information Services, Inc. (“FIS”) and affiliates of GTCR LLC (“GTCR”) ("Worldpay Acquisition") and divested our Issuer Solutions business to FIS.

Worldpay is an industry-leading payments technology and solutions company.

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.

*Disposition of 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.

In connection with the transaction, we entered into a mutual referral agreement and long-term commercial partnership with Acrisure.

Beginning in the second quarter of 2025, the results of our Issuer Solutions business have been reported as discontinued operations and therefore, no longer presented as a reportable segment.

Segment information presented is based on our Merchant Solutions reportable segment prior to the acquisition of Worldpay.

In connection with the acquisition of Worldpay in 2026, we will be revising our organizational structure and related internal management reporting.

Therefore, beginning in the first quarter of 2026, our reportable segments will align with that revised structure.

contractual fees if specified service levels are not achieved.

The payments technology industry provides financial institutions, businesses and consumers with payment processing services, merchant acceptance solutions and related business management software and value-added services.

These team member statistics include Issuer Solutions, which is classified as a discontinued operation in our consolidated financial statements.

The Federal Trade Commission (“FTC”) regulates non-bank businesses and, among other things, protects consumers against unfair and deceptive practices.

We provide payment processing services to businesses, but because our services enable consumer commerce and consumer spending, the FTC may regulate our business and services.

The FTC may determine that our business engages in unfair or deceptive practices which harm consumers, that we have enabled merchant fraud by failing to establish sufficient fraud monitoring and fraud prevention policies, or that we deploy deceptive marketing strategies which fail to accurately describe our services, fees, pricing, or the allocation of risks to our customers and to consumers.

The FTC could bring an action against our business, which could result in monetary sanctions, mandates to terminate certain services, enhanced monitoring and compliance requirements, and reputational damage.

There is also regulatory supervision of ICT service providers designated as “critical” by the European Supervisory Authorities.

In addition, emerging technologies including

In October 2023, California enacted the Climate-Related Financial Risk Act (SB 261) and the Climate Corporate Data Accountability Act (SB 253).

In January 2026, the Ninth Circuit Court of Appeals enjoined SB 261 for the time that appeals remain pending before the Ninth Circuit.

We operate in two reportable segments: Merchant Solutions and Issuer 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.

In our Issuer Solutions segment, we are capitalizing on growth opportunities through our cloud modernization and cross-selling initiatives, while also leveraging the strategic value of this business to extend our capabilities across the payments value chain.

These strategic, organizational and operational transformation activities are expected to be largely completed by the first half of 2027.

*Acquisition of EVO Payments, Inc.*

In March 2023, we completed the acquisition of EVO Payments, Inc. (“EVO”) for approximately $4 billion.

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 expands our geographic presence in attractive markets and augments our business-to-business ("B2B") software and payment solutions business and is included in our Merchant Solutions segment.

*Disposition of Consumer Business*

In April 2023, we completed the sale of the consumer portion of our Netspend business for approximately $1 billion.

Prior to disposition, the consumer business comprised our former Consumer Solutions segment and provided general purpose reloadable ("GPR") 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.

*Disposition of Gaming Business*

In April 2023, we completed the sale of our gaming business for approximately $400 million.

Prior to disposition, the gaming business offered a comprehensive suite of solutions, including credit and debit card cash advance, cashless advance, iGaming solutions, traditional and digital check processing and other services specific to the gaming market in North America and was included in our Merchant Solutions segment.

This allows us to fully leverage our capabilities across vertical markets and geographies.

In the Merchant Solutions segment, we actively market and provide our payment services, enterprise software solutions and other value-added services directly to our customers and through a variety of partner distribution channels across three business pillars: Point-of-Sale and Software Solutions, Integrated and Embedded Solutions and Core Payments Solutions.

We expect to complete the rollout of our Genius POS solutions by the end of 2025.

- Provide financial institutions, retailers and financial technology companies with leading end-to-end issuer processing services to launch, manage and deliver card programs for consumers, small and medium sized businesses and larger enterprises;

We expect the number of competitors in this segment to continue to expand.

The FTC, state attorneys general and similar regulatory agencies in other jurisdictions may have broad consumer protection mandates that could result in the promulgation and interpretation of rules and regulations that may affect our business.

There will also be regulatory supervision of ICT service providers designated as “critical” by the European Supervisory Authorities, which may affect our Issuer Solutions segment; however, the decision relating to such designation has not yet been issued.

*State Wage Payment Laws and Regulations*

The use of payroll card programs in the United States as a means for an employer to remit wages or other compensation to its employees or independent contractors is governed by state labor laws related to wage payments, which laws are subject to change.

The paycard portion of our business includes payroll cards and convenience checks and is designed to allow employers to comply with applicable state wage and hour laws.

Most states permit the use of payroll cards as a method of paying wages to employees, either through statutory provisions allowing such use or, in the absence of specific statutory guidance, the adoption by state labor departments of formal or informal policies allowing for their use.

Nearly every state allowing payroll cards places certain requirements and/or restrictions on their use as a wage payment method, the most common of which involve obtaining the prior written consent of the employee or independent contractors, limitations on fees and disclosure requirements.

Recently, some states have begun to regulate earned wage access solutions, including, for example by enacting new laws requiring licensure of earned wage access providers and/or requiring fee restrictions on the solutions, or by including earned wage access services in existing lending laws, which could also result in licensure requirements and/or fee limitations.

Also, states potentially could regulate these services under existing wage and hour laws related to the assignment of wages.

We may be subject to additional requirements and limitations under federal or state lending laws as a result of new interpretations, formal guidance or additional regulations relating to earned wage access solutions.

In October 2023, California enacted three climate-related disclosure bills.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

[removed: ][added: ]

The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter was [removed: $24,442,073,119.][added: $19,310,238,934.]

The number of shares of the registrant's common stock outstanding at February [removed: 6, 2025] [added: 10, 2026] was [removed: 247,616,186] [added: 279,901,327] shares.

Specifically identified portions of the registrant's proxy statement for the [removed: 2025] [added: 2026] annual meeting of shareholders are incorporated by reference in Part III.

[removed: 2024] [added: 2025] ANNUAL REPORT ON FORM 10-K

| ITEM 1. | | | | | | [removed: [BUSINESS](#if8e5d3a8ed2147c09a1d119a6c8b1b19_16)] [added: [BUSINESS](#i055db5ededee43ddbdff1685f3216987_16)] | | | [removed: [5](#if8e5d3a8ed2147c09a1d119a6c8b1b19_16)] [added: [5](#i055db5ededee43ddbdff1685f3216987_16)] | | |

| ITEM 1A. | | | | | | [RISK [removed: FACTORS](#if8e5d3a8ed2147c09a1d119a6c8b1b19_19)] [added: FACTORS](#i055db5ededee43ddbdff1685f3216987_19)] | | | [removed: [17](#if8e5d3a8ed2147c09a1d119a6c8b1b19_19)] [added: [17](#i055db5ededee43ddbdff1685f3216987_19)] | | |

| ITEM 1B. | | | | | | [UNRESOLVED STAFF [removed: COMMENTS](#if8e5d3a8ed2147c09a1d119a6c8b1b19_1863)] [added: COMMENTS](#i055db5ededee43ddbdff1685f3216987_22)] | | | [removed: [33](#if8e5d3a8ed2147c09a1d119a6c8b1b19_1863)] [added: [33](#i055db5ededee43ddbdff1685f3216987_22)] | | |

| ITEM 1C. | | | | | | [removed: [CYBERSECURITY](#if8e5d3a8ed2147c09a1d119a6c8b1b19_22)] [added: [CYBERSECURITY](#i055db5ededee43ddbdff1685f3216987_25)] | | | [removed: [33](#if8e5d3a8ed2147c09a1d119a6c8b1b19_22)] [added: [34](#i055db5ededee43ddbdff1685f3216987_25)] | | |

| ITEM 2. | | | | | | [removed: [PROPERTIES](#if8e5d3a8ed2147c09a1d119a6c8b1b19_25)] [added: [PROPERTIES](#i055db5ededee43ddbdff1685f3216987_28)] | | | [removed: [36](#if8e5d3a8ed2147c09a1d119a6c8b1b19_25)] [added: [36](#i055db5ededee43ddbdff1685f3216987_28)] | | |

| ITEM 3. | | | | | | [LEGAL [removed: PROCEEDINGS](#if8e5d3a8ed2147c09a1d119a6c8b1b19_28)] [added: PROCEEDINGS](#i055db5ededee43ddbdff1685f3216987_31)] | | | [removed: [36](#if8e5d3a8ed2147c09a1d119a6c8b1b19_28)] [added: [36](#i055db5ededee43ddbdff1685f3216987_31)] | | |

| ITEM 4. | | | | | | [MINE SAFETY [removed: DISCLOSURES](#if8e5d3a8ed2147c09a1d119a6c8b1b19_1750)] [added: DISCLOSURES](#i055db5ededee43ddbdff1685f3216987_34)] | | | [removed: [36](#if8e5d3a8ed2147c09a1d119a6c8b1b19_1750)] [added: [36](#i055db5ededee43ddbdff1685f3216987_34)] | | |

| ITEM 5. | | | | | | [MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#if8e5d3a8ed2147c09a1d119a6c8b1b19_34)] [added: SECURITIES](#i055db5ededee43ddbdff1685f3216987_49)] | | | [removed: [36](#if8e5d3a8ed2147c09a1d119a6c8b1b19_34)] [added: [36](#i055db5ededee43ddbdff1685f3216987_49)] | | |

| ITEM 6. | | | | | | [removed: [RESERVED](#if8e5d3a8ed2147c09a1d119a6c8b1b19_37)] [added: [RESERVED](#i055db5ededee43ddbdff1685f3216987_52)] | | | [removed: [38](#if8e5d3a8ed2147c09a1d119a6c8b1b19_37)] [added: [38](#i055db5ededee43ddbdff1685f3216987_52)] | | |

| ITEM 7. | | | | | | [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#if8e5d3a8ed2147c09a1d119a6c8b1b19_40)] [added: OPERATIONS](#i055db5ededee43ddbdff1685f3216987_55)] | | | [removed: [38](#if8e5d3a8ed2147c09a1d119a6c8b1b19_40)] [added: [39](#i055db5ededee43ddbdff1685f3216987_55)] | | |

| ITEM 7A. | | | | | | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET [removed: RISK](#if8e5d3a8ed2147c09a1d119a6c8b1b19_52)] [added: RISK](#i055db5ededee43ddbdff1685f3216987_67)] | | | [removed: [56](#if8e5d3a8ed2147c09a1d119a6c8b1b19_52)] [added: [57](#i055db5ededee43ddbdff1685f3216987_67)] | | |

| ITEM 8. | | | | | | [FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#if8e5d3a8ed2147c09a1d119a6c8b1b19_55)] [added: DATA](#i055db5ededee43ddbdff1685f3216987_70)] | | | [removed: [58](#if8e5d3a8ed2147c09a1d119a6c8b1b19_55)] [added: [58](#i055db5ededee43ddbdff1685f3216987_70)] | | |

| ITEM 9. | | | | | | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL [removed: DISCLOSURE](#if8e5d3a8ed2147c09a1d119a6c8b1b19_148)] [added: DISCLOSURE](#i055db5ededee43ddbdff1685f3216987_163)] | | | [removed: [118](#if8e5d3a8ed2147c09a1d119a6c8b1b19_148)] [added: [120](#i055db5ededee43ddbdff1685f3216987_163)] | | |

| ITEM 9A. | | | | | | [CONTROLS AND [removed: PROCEDURES](#if8e5d3a8ed2147c09a1d119a6c8b1b19_151)] [added: PROCEDURES](#i055db5ededee43ddbdff1685f3216987_166)] | | | [removed: [118](#if8e5d3a8ed2147c09a1d119a6c8b1b19_151)] [added: [120](#i055db5ededee43ddbdff1685f3216987_166)] | | |

| ITEM 9B. | | | | | | [OTHER [removed: INFORMATION](#if8e5d3a8ed2147c09a1d119a6c8b1b19_154)] [added: INFORMATION](#i055db5ededee43ddbdff1685f3216987_169)] | | | [removed: [119](#if8e5d3a8ed2147c09a1d119a6c8b1b19_154)] [added: [121](#i055db5ededee43ddbdff1685f3216987_169)] | | |

| ITEM 9C. | | | | | | [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT [removed: INSPECTIONS](#if8e5d3a8ed2147c09a1d119a6c8b1b19_157)] [added: INSPECTIONS](#i055db5ededee43ddbdff1685f3216987_172)] | | | [removed: [119](#if8e5d3a8ed2147c09a1d119a6c8b1b19_157)] [added: [121](#i055db5ededee43ddbdff1685f3216987_172)] | | |

| ITEM 10. | | | | | | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE [removed: GOVERNANCE](#if8e5d3a8ed2147c09a1d119a6c8b1b19_163)] [added: GOVERNANCE](#i055db5ededee43ddbdff1685f3216987_178)] | | | [removed: [120](#if8e5d3a8ed2147c09a1d119a6c8b1b19_163)] [added: [122](#i055db5ededee43ddbdff1685f3216987_178)] | | |

| ITEM 11. | | | | | | [EXECUTIVE [removed: COMPENSATION](#if8e5d3a8ed2147c09a1d119a6c8b1b19_166)] [added: COMPENSATION](#i055db5ededee43ddbdff1685f3216987_181)] | | | [removed: [120](#if8e5d3a8ed2147c09a1d119a6c8b1b19_166)] [added: [122](#i055db5ededee43ddbdff1685f3216987_181)] | | |

| ITEM 12. | | | | | | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER [removed: MATTERS](#if8e5d3a8ed2147c09a1d119a6c8b1b19_169)] [added: MATTERS](#i055db5ededee43ddbdff1685f3216987_184)] | | | [removed: [120](#if8e5d3a8ed2147c09a1d119a6c8b1b19_169)] [added: [122](#i055db5ededee43ddbdff1685f3216987_184)] | | |

| ITEM 13. | | | | | | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR [removed: INDEPENDENCE](#if8e5d3a8ed2147c09a1d119a6c8b1b19_172)] [added: INDEPENDENCE](#i055db5ededee43ddbdff1685f3216987_190)] | | | [removed: [120](#if8e5d3a8ed2147c09a1d119a6c8b1b19_172)] [added: [122](#i055db5ededee43ddbdff1685f3216987_190)] | | |

| ITEM 14. | | | | | | [PRINCIPAL ACCOUNTANT FEES AND [removed: SERVICES](#if8e5d3a8ed2147c09a1d119a6c8b1b19_175)] [added: SERVICES](#i055db5ededee43ddbdff1685f3216987_193)] | | | [removed: [120](#if8e5d3a8ed2147c09a1d119a6c8b1b19_175)] [added: [122](#i055db5ededee43ddbdff1685f3216987_193)] | | |

| ITEM 15. | | | | | | [EXHIBITS AND FINANCIAL STATEMENT [removed: SCHEDULES](#if8e5d3a8ed2147c09a1d119a6c8b1b19_181)] [added: SCHEDULES](#i055db5ededee43ddbdff1685f3216987_199)] | | | [removed: [121](#if8e5d3a8ed2147c09a1d119a6c8b1b19_181)] [added: [123](#i055db5ededee43ddbdff1685f3216987_199)] | | |

| ITEM 16. | | | | | | [FORM 10-K [removed: SUMMARY](#if8e5d3a8ed2147c09a1d119a6c8b1b19_1778)] [added: SUMMARY](#i055db5ededee43ddbdff1685f3216987_205)] | | | [removed: [125](#if8e5d3a8ed2147c09a1d119a6c8b1b19_1778)] [added: [127](#i055db5ededee43ddbdff1685f3216987_205)] | | |

Some of the statements we use in this report, and in some of the documents we incorporate by reference in this report, contain forward-looking statements concerning our business operations, economic performance and financial condition, including, but not limited to, statements we make regarding our business strategy and means to implement the strategy; measures of future results of operations, such as revenues, expenses, operating margins, income tax rates and earnings per share; other operating metrics such as shares outstanding and capital expenditures, liquidity, deleveraging plans and capital available for allocation; statements we make regarding guidance and projected financial results for the year [removed: 2025;] [added: 2026;] the effects of general economic conditions on our business; statements about the benefits of our acquisitions or [removed: dispositions,] [added: dispositions such as our recently completed acquisition of Worldpay and divestiture of our Issuer Solutions business,] including future financial and operating results and the successful integration of [removed: acquisitions, statements about the completion of anticipated benefits or strategic or operational initiatives;] [added: acquisitions;] statements regarding our success and timing in developing and introducing new services and expanding our business; and other statements regarding our future financial performance and our plans, objectives, expectations and intentions.

| | | | | | | [SIGNATURES](#i055db5ededee43ddbdff1685f3216987_208) | | | [128](#i055db5ededee43ddbdff1685f3216987_208) | | |

| | | | | | | [SIGNATURES](#if8e5d3a8ed2147c09a1d119a6c8b1b19_184) | | | [126](#if8e5d3a8ed2147c09a1d119a6c8b1b19_184) | | |

Although Global Payments is unable to eliminate all risks associated with cybersecurity [removed: threats,] [added: threats] and we cannot provide full assurance that our cybersecurity risk management processes will be fully complied with or effective, we have adopted policies and procedures that are designed to facilitate the identification, assessment, and management of those risks, including any such risks that have the potential to be material.

Cybersecurity risks identified through any of the foregoing mechanisms and submitted to our governance, risk, and compliance [removed: platform] [added: platforms] are assessed by our internal risk management professionals, in collaboration with appropriate subject-matter experts ("SMEs"), pursuant to standards established by our [removed: Enterprise] [added: Global] Risk Management [removed: ("ERM")] [added: ("GRM")] organization.

We have implemented a comprehensive, layered security approach, across our computing [removed: environment,] [added: environment] that is designed to facilitate the reduction of cybersecurity risk through the establishment of technical, physical and administrative controls oriented towards the maintenance of the confidentiality, integrity and availability of our information and technical assets.

The CISO is responsible for assessing and managing risk from cybersecurity threats, as well as the strategy, execution and administration of the program, and reports directly to the Chief [removed: Information] [added: Technology] Officer [removed: ("CIO"),] [added: ("CTO"),] while also maintaining reporting lines to the Technology Committee, its chair and the full [removed: board] [added: Board] of [removed: directors.][added: Directors.]

Our [removed: CIO] [added: CTO] has [removed: over 25 years of] [added: extensive] experience specializing in cloud migrations, launching innovative software products and advanced analytics as well as building high-performance development organizations.

[removed: Lastly, our ERM] [added: Our GRM] organization, under the supervision of the Chief Risk Officer, leads our efforts to consider and assess threats to us and the risks that result therefrom, including cybersecurity threats and related risks.

With support from the Information Security, Legal and [removed: the] Privacy [removed: Office] teams, our [removed: ERM] [added: GRM] organization conducts periodic evaluations of our information security posture, manages regular meetings with the executive leadership team to discuss risk levels across the Company, and maintains and monitors risk tolerances and escalation criteria that drive executive and the board of director communications, as further described in our disclosures related to the [removed: board] [added: Board] of [removed: directors] [added: Directors] oversight of material risks associated with cybersecurity threats.

Moreover, critical vendors receive periodic comprehensive risk assessments conducted by the vendor management office (a team within the [removed: ERM] [added: GRM] organization), in collaboration with Information Security and our Business Resiliency Governance ("BRG") team, that include a focus on the vendor’s cybersecurity practices.

Our information security program includes an incident response [removed: plan, which] [added: plan that] establishes (1) a framework for classifying security incidents according to their severity level, taking into account the nature and scope of the incident; and (2) protocols for the escalation of incidents, including to the attention of the Technology Committee as appropriate.

We maintain a business resiliency program, overseen by the BRG [removed: team,] [added: team] that is designed to facilitate our ability to respond, recover and resume services in the event of an incident that causes an operational disruption.

We have not experienced any material cybersecurity incidents in the past calendar year and the expenses we have incurred from cybersecurity incidents during that period were [removed: immaterial.][added: not material.]

Further, the Technology Committee and [added: the] Audit Committee of the [removed: board] [added: Board] of [removed: directors] [added: Directors] receive quarterly reports from the Chief Risk Officer regarding our risk exposure related to significant information technology and information security practices.

The CISO and [removed: CIO] [added: CTO] meet regularly with the chair of the Technology Committee outside of committee meetings.

In addition, the [removed: board] [added: Board] of [removed: directors] [added: Directors] regularly receives information about these topics from the chair of the Technology Committee, the [removed: CIO,] [added: CTO,] and management, and the [removed: board] [added: Board] of [removed: directors] [added: Directors] is apprised directly of incidents as appropriate, pursuant to our incident response plan.

Our common stock trades on the New York Stock Exchange under the ticker symbol "GPN." As of February [removed: 6, 2025,] [added: 10, 2026,] there were [removed: 11,109] [added: 10,480] shareholders of record.

On January [removed: 30, 2025,] [added: 29, 2026,] our [removed: board] [added: Board] of [removed: directors] [added: Directors] declared a cash dividend of $0.25 per share payable on March [removed: 28, 2025] [added: 30, 2026] to common shareholders of record as of March [removed: 14, 2025.][added: 9, 2026.]

The following graph compares our cumulative total shareholder returns with the Standard & Poor's ("S&P") 500 Index and the S&P 500 Financials Index for the years ended December 31, [added: 2025,] 2024, 2023, [removed: 2022, 2021] [added: 2022] and [removed: 2020.][added: 2021.]

The line graph assumes the investment of $100 in our common stock, the S&P 500 Index and the S&P 500 Financials Index on December 31, [removed: 2019] [added: 2020] and assumes reinvestment of all dividends.

[removed: ![2024] [added: ![2025] Comparison of 5 Year Cumulative Total [removed: Return.jpg](https://www.sec.gov/Archives/edgar/data/1123360/000112336025000011/gpn-20241231_g3.jpg)][added: Return.jpg](https://www.sec.gov/Archives/edgar/data/1123360/000112336026000008/gpn-20251231_g3.jpg)]

*$100 invested on December 31, [removed: 2019] [added: 2020] in stock or index, including reinvestment of dividends.

Copyright© [removed: 2025] [added: 2026] Standard & Poor's, a division of S&P Global.

| December 31, [removed: 2019] [added: 2020] | | | | | | $ | 100.00 | | | | | $ | 100.00 | | | | | | | | | | | $ | 100.00 | |

There were no unregistered sales of equity securities during the year ended December 31, [removed: 2024.][added: 2025.]

Information about the shares of our common stock that we repurchased during the quarter ended December 31, [removed: 2024] [added: 2025] is set forth below:

| Period | | | Total Number [removed: of Shares] [added: of Shares] Purchased (1) | | | | | | Average Price Paid per Share, [removed: excluding commission] [added: Excluding Commission] | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | | | | | Maximum Number (or [removed: Approximate Dollar] [added: Approximate Dollar] Value) of Shares that May Yet [removed: Be Purchased] [added: Be Purchased] Under the Plans or Programs (2) | | |

During the quarter ended December 31, [removed: 2024,] [added: 2025,] pursuant to our employee incentive plans, we withheld [removed: 26,217] [added: 2,406] shares at an average price per share of [removed: $115.05] [added: $82.78] in order to satisfy employees' tax withholding and payment obligations in connection with the vesting of awards of restricted stock.

[removed: (2)On October 24, 2024, we announced that] [added: On January 29, 2026,] our [removed: board] [added: Board] of [removed: directors] [added: Directors] approved an increase to our existing share repurchase program authorization, which raised the total available authorization to $2.5 billion.

| December 31, 2021 | | | | | | $ | 63.09 | | | | | $ | 128.71 | | | | | | | | | | | $ | 135.04 | |

| December 31, 2022 | | | | | | $ | 46.75 | | | | | $ | 105.40 | | | | | | | | | | | $ | 120.81 | |

| December 31, 2023 | | | | | | $ | 60.31 | | | | | $ | 133.10 | | | | | | | | | | | $ | 135.49 | |

| December 31, 2024 | | | | | | $ | 53.70 | | | | | $ | 166.40 | | | | | | | | | | | $ | 176.89 | |

| December 31, 2025 | | | | | | $ | 37.54 | | | | | $ | 196.16 | | | | | | | | | | | $ | 203.47 | |

| October 1-31, 2025 | | | 2,051 | | | | | | $ | 83.52 | | | | | — | | | | | | | | |

| November 1-30, 2025 | | | 214 | | | | | | 77.23 | | | | | | — | | | | | | | | |

| December 1-31, 2025 | | | 141 | | | | | | 80.35 | | | | | | — | | | | | | | | |

| Total | | | 2,406 | | | | | | $ | 54.26 | | | | | — | | | | | | $ | 676.5 | |

(2)As of December 31, 2025, the remaining amount available under our share repurchase program was $676.5 million.

| December 31, 2020 | | | | | | $ | 118.53 | | | | | $ | 118.40 | | | | | | | | | | | $ | 98.31 | |

| December 31, 2021 | | | | | | $ | 74.78 | | | | | $ | 152.39 | | | | | | | | | | | $ | 132.75 | |

| December 31, 2022 | | | | | | $ | 55.41 | | | | | $ | 124.79 | | | | | | | | | | | $ | 118.77 | |

| December 31, 2023 | | | | | | $ | 71.49 | | | | | $ | 157.59 | | | | | | | | | | | $ | 133.20 | |

| December 31, 2024 | | | | | | $ | 63.65 | | | | | $ | 197.02 | | | | | | | | | | | $ | 173.90 | |

| October 1-31, 2024 | | | 4,849,314 | | | | | | $ | 112.76 | | | | | 4,846,037 | | | | | | $ | — | |

| November 1-30, 2024 | | | 1,754 | | | | | | 111.73 | | | | | | — | | | | | | — | | |

| December 1-31, 2024 | | | 931,701 | | | | | | 113.79 | | | | | | 910,515 | | | | | | — | | |

| Total | | | 5,782,769 | | | | | | $ | 114.04 | | | | | 5,756,552 | | | | | | $ | 1,850.0 | |

As of December 31, 2024, the approximate dollar value of shares that may yet be purchased under our share repurchase program was $1,850.0 million.

PART II

We have audited the accompanying consolidated balance sheets of Global Payments Inc. and subsidiaries (the "Company") as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 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, [removed: 2024,] [added: 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, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 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, [removed: 2024,] [added: 2025,] based on criteria established in [removed: *Internal] [added: Internal] Control [removed: -] [added: —] Integrated Framework [removed: (2013)*] [added: (2013)] issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 14, 2025,] [added: 20, 2026,] expressed an unqualified opinion on the Company's internal control over financial reporting.

Revenue Recognition - Issuer Solutions - Refer to Notes 1 and [removed: 4] [added: 3] to the financial statements.

The Company enters into long-term revenue contracts with its Issuer Solutions [removed: customers.][added: customers and the related revenues are included as a component of discontinued operations.]

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 [removed: evaluated appropriately.]

Revenues - Payment processing [removed: solutions] [added: services] and [removed: services] [added: solutions] - Refer to [removed: Note] [added: Notes] 1 [added: and 3] to the financial statements.

The Company's revenues from its payment processing [removed: solutions and] services [added: 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.

We have audited the internal control over financial reporting of Global Payments Inc. and subsidiaries (the "Company") as of December 31, [removed: 2024,] [added: 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, [removed: 2024,] [added: 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, [removed: 2024,] [added: 2025,] of the Company and our report dated February [removed: 14, 2025,] [added: 20, 2026,] expressed an unqualified opinion on those financial statements.

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Impairment of goodwill | | | [removed: —] [added: 33,218] | | | | | | — | | | | | | [removed: 833,075] [added: —] | | |

| Net (gain) loss on business dispositions | | | [removed: (273,134)] [added: (315,976)] | | | | | | [removed: 136,744] [added: (273,134)] | | | | | | [removed: 199,094] [added: 136,744] | | |

| Equity in income of equity method investments, net of tax | | | [removed: 70,499] [added: (120,013)] | | | | | | [removed: 67,896] [added: (70,499)] | | | | | | [removed: 85,685] [added: (67,896)] | | |

| Net income | | | [removed: 1,644,153] [added: 1,456,047] | | | | | | [removed: 1,028,823] [added: 1,644,153] | | | | | | [removed: 143,313] [added: 1,028,823] | | |

| Net income attributable to noncontrolling interests | | | [removed: (73,788)] [added: (55,940)] | | | | | | [removed: (42,590)] [added: (73,788)] | | | | | | [removed: (31,820)] [added: (42,590)] | | |

| Net income attributable to Global Payments | | | $ | [removed: 1,570,365] [added: 1,400,107] | | | | | $ | [removed: 986,233] [added: 1,570,365] | | | | | $ | [removed: 111,493] [added: 986,233] | |

| [removed: Earnings] [added: Basic earnings] per share attributable to Global Payments: | | | | | | | | | | | | | | | | | |

| [removed: Basic] [added: Total basic] earnings per share [added: attributable to Global Payments] | | | $ | [removed: 6.18] [added: 5.79] | | | | | $ | [removed: 3.78] [added: 6.18] | | | | | $ | [removed: 0.41] [added: 3.78] | |

| [removed: Diluted] [added: Total diluted] earnings per share [added: attributable to Global Payments] | | | $ | [removed: 6.16] [added: 5.78] | | | | | $ | [removed: 3.77] [added: 6.16] | | | | | $ | [removed: 0.40] [added: 3.77] | |

| Net income | | | $ | [removed: 1,644,153] [added: 1,456,047] | | | | | $ | [removed: 1,028,823] [added: 1,644,153] | | | | | $ | [removed: 143,313] [added: 1,028,823] | |

| Foreign currency translation adjustments | | | [removed: (433,849)] [added: 648,934] | | | | | | [removed: 211,310] [added: (433,849)] | | | | | | [removed: (276,559)] [added: 211,310] | | |

| Income tax benefit [added: (expense)] related to foreign currency translation adjustments | | | [removed: 4,993] [added: (5,083)] | | | | | | [removed: 4,131] [added: 4,993] | | | | | | [removed: 2,698] [added: 4,131] | | |

| Net unrealized gains (losses) on hedging activities | | | [removed: 34,399] [added: (64,561)] | | | | | | [removed: (19,683)] [added: 34,399] | | | | | | [removed: 12,915] [added: (19,683)] | | |

| Reclassification of net unrealized [removed: (gains)] losses [added: (gains)] on hedging activities to interest expense | | | [removed: (8,731)] [added: 5,345] | | | | | | [removed: (4,609)] [added: (8,731)] | | | | | | [removed: 21,327] [added: (4,609)] | | |

| Income tax [removed: (expense)] benefit [added: (expense)] related to hedging activities | | | [removed: (6,227)] [added: 14,421] | | | | | | [removed: 5,853] [added: (6,227)] | | | | | | [removed: (8,172)] [added: 5,853] | | |

| Other, net of tax | | | [removed: 141] [added: 240] | | | | | | [removed: 439] [added: 141] | | | | | | [removed: (222)] [added: 439] | | |

| Other comprehensive income (loss) | | | [removed: (409,274)] [added: 599,296] | | | | | | [removed: 197,441] [added: (409,274)] | | | | | | [removed: (185,088)] [added: 197,441] | | |

| Comprehensive income [removed: (loss)] | | | [removed: 1,234,879] [added: 2,055,343] | | | | | | [removed: 1,226,264] [added: 1,234,879] | | | | | | [removed: (41,775)] [added: 1,226,264] | | |

| Comprehensive income attributable to noncontrolling interests | | | [removed: 19,320] [added: (168,451)] | | | | | | [removed: 92,987] [added: (19,320)] | | | | | | [removed: 18,519] [added: (92,987)] | | |

| Comprehensive income [removed: (loss)] attributable to Global Payments | | | $ | [removed: 1,215,559] [added: 1,886,892] | | | | | $ | [removed: 1,133,277] [added: 1,215,559] | | | | | $ | [removed: (60,294)] [added: 1,133,277] | |

| | | | December 31, [removed: 2024] [added: 2025] | | | | | | December 31, [removed: 2023] [added: 2024] | | |

| Prepaid expenses and other current assets | | | [removed: 795,593] [added: 802,018] | | | | | | [removed: 767,377] [added: 550,083] | | |

| [added: Computer equipment | | | | | |] Property and equipment, net | | | [removed: 2,277,593] | | | [added: (212)] | | | [removed: 2,190,005] | | | [added: (87) | | |]

| Notes receivable | | | [removed: 772,297] [added: 816,810] | | | | | | [removed: 713,123] [added: 772,297] | | |

| Total assets | | | $ | [removed: 46,890,255] [added: 53,338,484] | | | | | $ | [removed: 50,570,186] [added: 46,890,255] | |

| Settlement lines of credit | | | $ | [removed: 503,407] [added: 345,007] | | | | | $ | [removed: 981,244] [added: 503,407] | |

| Total current liabilities | | | [removed: 6,252,714] [added: 7,456,844] | | | | | | [removed: 8,125,729] [added: 6,252,714] | | |

| Total liabilities | | | [removed: 23,873,688] [added: 29,559,003] | | | | | | [removed: 26,782,671] [added: 23,873,688] | | |

evaluated appropriately.

February 20, 2026

February 20, 2026

| Revenues | | | $ | 7,705,878 | | | | | $ | 7,735,970 | | | | | $ | 7,379,784 | |

| 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 | | |

| | | | 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 | | |

| 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 | | |

| Continuing operations | | | $ | 4.44 | | | | | $ | 5.06 | | | | | $ | 2.38 | |

| Discontinued operations | | | 1.35 | | | | | | 1.12 | | | | | | 1.40 | | |

| Diluted earnings per share attributable to Global Payments: | | | | | | | | | | | | | | | | | |

| Continuing operations | | | $ | 4.43 | | | | | $ | 5.04 | | | | | $ | 2.37 | |

| Discontinued operations | | | 1.35 | | | | | | 1.12 | | | | | | 1.40 | | |

| 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 | | |

| 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 | | |

| Other noncurrent assets | | | 1,868,788 | | | | | | 1,851,788 | | |

| Noncurrent assets of discontinued operations | | | 15,069,171 | | | | | | 15,073,538 | | |

| 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 | | |

| 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 | | |

February 14, 2025

| Revenues | | | $ | 10,105,894 | | | | | $ | 9,654,419 | | | | | $ | 8,975,515 | |

| Cost of service | | | 3,760,116 | | | | | | 3,727,521 | | | | | | 3,778,617 | | |

| Selling, general and administrative | | | 4,285,307 | | | | | | 4,073,768 | | | | | | 3,524,578 | | |

| | | | 7,772,289 | | | | | | 7,938,033 | | | | | | 8,335,364 | | |

| Operating income | | | 2,333,605 | | | | | | 1,716,386 | | | | | | 640,151 | | |

| Interest and other income | | | 169,168 | | | | | | 113,711 | | | | | | 33,604 | | |

| Interest and other expense | | | (633,986) | | | | | | (660,150) | | | | | | (449,433) | | |

| | | | (464,818) | | | | | | (546,439) | | | | | | (415,829) | | |

| Income before income taxes and equity in income of equity method investments | | | 1,868,787 | | | | | | 1,169,947 | | | | | | 224,322 | | |

| Income tax expense | | | 295,133 | | | | | | 209,020 | | | | | | 166,694 | | |

| Income before equity in income of equity method investments | | | 1,573,654 | | | | | | 960,927 | | | | | | 57,628 | | |

| Reclassification of accumulated foreign currency translation losses to net loss as a result of the sale of a foreign entity | | | — | | | | | | — | | | | | | 62,925 | | |

| Cash and cash equivalents | | | $ | 2,538,416 | | | | | $ | 2,088,887 | |

| Accounts receivable, net | | | 1,081,740 | | | | | | 1,120,078 | | |

| Settlement processing assets | | | 1,620,921 | | | | | | 4,097,417 | | |

| Total current assets | | | 6,036,670 | | | | | | 8,073,759 | | |

| Goodwill | | | 26,286,318 | | | | | | 26,743,523 | | |

| Other intangible assets, net | | | 8,931,943 | | | | | | 10,168,046 | | |

| Deferred income taxes | | | 106,083 | | | | | | 111,712 | | |

| Other noncurrent assets | | | 2,479,351 | | | | | | 2,570,018 | | |

| Current portion of long-term debt | | | 1,075,708 | | | | | | 620,585 | | |

| Accounts payable and accrued liabilities | | | 3,079,924 | | | | | | 2,824,979 | | |

| Settlement processing obligations | | | 1,593,675 | | | | | | 3,698,921 | | |

| Long-term debt | | | 15,164,659 | | | | | | 15,692,297 | | |

| Deferred income taxes | | | 1,832,996 | | | | | | 2,242,105 | | |

| Other noncurrent liabilities | | | 623,319 | | | | | | 722,540 | | |

| Accounts payable and other liabilities | | | 107,263 | | | | | | 51,108 | | | | | | (17,157) | | |

| Net cash provided by operating activities | | | 3,532,683 | | | | | | 2,248,741 | | | | | | 2,244,040 | | |

| Net cash (used in) provided by financing activities | | | (2,766,858) | | | | | | 2,141,121 | | | | | | (1,376,701) | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balance at December 31, 2021 | | | 284,750 | | | | | | $ | 22,880,261 | | | | | $ | 2,982,122 | | | | | $ | (234,182) | | | | | $ | 25,628,201 | | | | | $ | 241,216 | | | | | $ | 25,869,417 | |

| Net income | | | | | | | | | | | | | | | 111,493 | | | | | | | | | | | | 111,493 | | | | | | 31,820 | | | | | | 143,313 | | |

| Other comprehensive loss | | | | | | | | | | | | | | | | | | | | | (171,787) | | | | | | (171,787) | | | | | | (13,301) | | | | | | (185,088) | | |

| Repurchases of common stock | | | (23,266) | | | | | | (2,841,534) | | | | | | (88,280) | | | | | | | | | | | | (2,929,814) | | | | | | | | | | | | (2,929,814) | | |

| Purchase of capped calls related to issuance of convertible notes, net of taxes of $72,778 | | | | | | | | | (229,597) | | | | | | | | | | | | | | | | | | (229,597) | | | | | | | | | | | | (229,597) | | |

| Balance at December 31, 2022 | | | 263,082 | | | | | | $ | 19,978,095 | | | | | $ | 2,731,380 | | | | | $ | (405,969) | | | | | $ | 22,303,506 | | | | | $ | 236,704 | | | | | $ | 22,540,210 | |

We operate in two reportable segments: Merchant Solutions and Issuer Solutions.

*Accounting Standards Update ("ASU") 2023-07 -* In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, "Segment Reporting (Topic 280): *Improvements to Reportable Segment Disclosures,*" which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, inclusion of all annual disclosures in interim periods and disclosure of the title and position of the chief operating decision maker.

As of December 31, [removed: 2024,] [added: 2025,] management carried out, under the supervision and with the participation of our principal executive officer and principal financial officer, an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")).

Based on this evaluation, our principal executive officer and principal financial officer concluded that, as of December 31, [removed: 2024,] [added: 2025,] our disclosure controls and procedures were effective in ensuring that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms and are designed to ensure that information required to be disclosed in those reports is accumulated and communicated to management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

Our management assessed the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

Based on the results of its evaluation, management believes that as of December 31, [removed: 2024,] [added: 2025,] our internal control over financial reporting is effective based on those criteria.

Deloitte & Touche LLP has issued an attestation report on our internal control over financial reporting, which is included herein as the Report of Independent Registered Public Accounting Firm under "Item 8 - Financial Statements and Supplementary Data" of this Annual Report on Form 10-K for the year ended December 31, [removed: 2024.][added: 2025.]

There were no changes in our internal control over financial reporting during the quarter ended December 31, [removed: 2024] [added: 2025] that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

During the quarter ended December 31, [removed: 2024,] [added: 2025,] none of our directors or officers notified us that they adopted, modified or terminated any Rule 10b5-1 trading arrangement or any non-Rule 10b5-1 trading arrangement as defined in Item 408(a) of Regulation S-K.

We incorporate by reference in this Item 10 information about our directors, executive officers and our corporate governance contained under the headings "Proposal 1: Election of Directors for a One-Year Term," "Biographical Information About Executive Officers," "Anti-Hedging Policy; Insider Trading Policy" and "Delinquent Section 16(a) Reports" from our proxy statement to be delivered in connection with our Proxy Statement and Notice of [removed: 2025] [added: 2026] Annual Meeting of Shareholders to be held on April [removed: 24, 2025] [added: 30, 2026] (our [removed: "2025] [added: "2026] Proxy Statement").

We incorporate by reference in this Item 11 the information required by this item from our [removed: 2025] [added: 2026] Proxy Statement.

We incorporate by reference in this Item 12 the information relating to ownership of our common stock by certain persons contained under the headings "Common Stock Ownership - Common Stock Ownership by Management" and "Common Stock Ownership - Common Stock Ownership by Non-Management Shareholders" from our [removed: 2025] [added: 2026] Proxy Statement.

The information under the caption “Key Data Relating to Outstanding Equity Awards and Shares Available - Equity Compensation Plan Information” in the [removed: 2025] [added: 2026] Proxy Statement is incorporated herein by reference.

We incorporate by reference in this Item 13 the information regarding certain relationships and related transactions between us and our affiliates and the independence of our directors contained under the headings "Additional Information-Relationships and Related Party Transactions" and "Board of Directors, its Committees, Meetings and Functions - Corporate Governance - Board Independence" from our [removed: 2025] [added: 2026] Proxy Statement.

We incorporate by reference in this Item 14 the information regarding principal accounting fees and services contained under the heading "Proposal Three: Ratification of Reappointment of Independent Registered Public Accounting Firm" from our [removed: 2025] [added: 2026] Proxy Statement.

Our consolidated financial statements listed below are set forth in "Item 8 - Financial Statements and Supplementary Data" of this [removed: Annual Report on Form 10-K:][added: exhibit:]

| [removed: Reports] [added: Report] of Independent Registered Public Accounting Firm (PCAOB ID 34) | | | [removed: [58](#if8e5d3a8ed2147c09a1d119a6c8b1b19_58)] [added: [58](#i055db5ededee43ddbdff1685f3216987_73)] | | |

| Consolidated Statements of Income for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | | | [removed: [61](#if8e5d3a8ed2147c09a1d119a6c8b1b19_64)] [added: [61](#i055db5ededee43ddbdff1685f3216987_79)] | | |

| Consolidated Statements of Comprehensive Income for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | | | [removed: [62](#if8e5d3a8ed2147c09a1d119a6c8b1b19_67)] [added: [62](#i055db5ededee43ddbdff1685f3216987_82)] | | |

| Consolidated Balance Sheets as of December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] | | | [removed: [63](#if8e5d3a8ed2147c09a1d119a6c8b1b19_70)] [added: [63](#i055db5ededee43ddbdff1685f3216987_85)] | | |

| Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | | | [removed: [64](#if8e5d3a8ed2147c09a1d119a6c8b1b19_73)] [added: [64](#i055db5ededee43ddbdff1685f3216987_88)] | | |

| Consolidated Statements of Changes in Equity for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | | | [removed: [65](#if8e5d3a8ed2147c09a1d119a6c8b1b19_76)] [added: [65](#i055db5ededee43ddbdff1685f3216987_91)] | | |

| Notes to Consolidated Financial Statements | | | [removed: [67](#if8e5d3a8ed2147c09a1d119a6c8b1b19_82)] [added: [67](#i055db5ededee43ddbdff1685f3216987_97)] | | |

| Schedule II, Valuation and Qualifying Accounts | | | [removed: [117](#if8e5d3a8ed2147c09a1d119a6c8b1b19_145)] [added: [119](#i055db5ededee43ddbdff1685f3216987_160)] | | |

| 3.2 | | | [Articles of Amendment to the Third Amended and Restated Articles of Incorporation of Global Payments Inc., incorporated by reference to Exhibit 3.1 [removed: to](https://www.sec.gov/Archives/edgar/data/1123360/000112336020000013/ex31articlesofamendmen.htm) [the Company's](https://www.sec.gov/Archives/edgar/data/1123360/000112336020000013/ex31articlesofamendmen.htm) [Current] [added: to the Company's Current] Report on Form 8-K filed on May 1, 2020.](https://www.sec.gov/Archives/edgar/data/1123360/000112336020000013/ex31articlesofamendmen.htm) | | |

| 3.3 | | | [Twelfth Amended and Restated Bylaws of Global Payments Inc., incorporated by reference to Exhibit 3.1 [removed: to](https://www.sec.gov/Archives/edgar/data/1123360/000112336023000012/ex31amendmenttobylaws.htm) [the](https://www.sec.gov/Archives/edgar/data/1123360/000112336023000012/ex31amendmenttobylaws.htm) [Company](https://www.sec.gov/Archives/edgar/data/1123360/000112336023000012/ex31amendmenttobylaws.htm)[’s] [added: to the Company’s] Current Report on Form 8-K filed on February 21, 2023.](https://www.sec.gov/Archives/edgar/data/1123360/000112336023000012/ex31amendmenttobylaws.htm) | | |

| 4.7* | | | [Description of Registrant’s Securities Registered pursuant to Section 12 of the Securities Exchange [removed: Act.](https://www.sec.gov/Archives/edgar/data/1123360/000112336025000011/ex47descriptionofregistran.htm)] [added: Act.](https://www.sec.gov/Archives/edgar/data/1123360/000112336026000008/ex47descriptionofregistran.htm)] | | |

| [removed: 10.13+] [added: 10.14+] | | | [Amended and Restated Employment Agreement, dated as of September 20, 2019, between Global Payments Inc. and [removed: Jeffrey S. Sloan,] [added: David L. Green,] incorporated by reference to Exhibit [removed: 10.1] [added: 10.4] to the Company’s Quarterly Report on Form 10-Q filed on October 31, [removed: 2019.](https://www.sec.gov/Archives/edgar/data/1123360/000112336019000034/ex101amendmenttoemplom.htm)] [added: 2019.](https://www.sec.gov/Archives/edgar/data/1123360/000112336019000034/ex104amendmenttoemploy.htm)] | | |

| [removed: 10.14+] [added: 10.13+] | | | [removed: [Letter] [added: [Amended and Restated Employment] Agreement, dated [added: as of] May 1, 2023, [added: by and] between Global Payments Inc. and [removed: Jeffrey S. Sloan,] [added: Cameron M. Bready,] incorporated by reference to Exhibit [removed: 10.2] [added: 10.1] to the Company’s [removed: Current] [added: Quarterly] Report on Form [removed: 8-K] [added: 10-Q] filed on [removed: May] [added: August] 1, [removed: 2023.](https://www.sec.gov/Archives/edgar/data/1123360/000119312523128698/d498180dex102.htm)] [added: 2023.](https://www.sec.gov/Archives/edgar/data/1123360/000119312523128698/d498180dex101.htm)] | | |

| [removed: 10.15+] [added: 10.31+] | | | [removed: [Amended and Restated Employment] [added: [Employment] Agreement, dated as of [removed: May] [added: August] 1, [removed: 2023,] [added: 2024,] by and between Global Payments Inc. and [removed: Cameron M. Bready,] [added: Robert Cortopassi,] incorporated by reference to Exhibit 10.1 to the [removed: Company’s Quarterly] [added: Company's Current] Report on Form [removed: 10-Q] [added: 8-K] filed on August [removed: 1, 2023.](https://www.sec.gov/Archives/edgar/data/1123360/000119312523128698/d498180dex101.htm)] [added: 6, 2024.](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000021/exhibit101employmentagreem.htm)] | | |

| [removed: 10.16+] [added: 10.26+] | | | [removed: [Amended and Restated Employment] [added: [Employment] Agreement, dated as of September 20, 2019, between Global Payments Inc. and [removed: Guido F. Sacchi,] [added: Joshua J. Whipple] incorporated by reference to Exhibit [removed: 10.3] [added: 10.1] to the Company’s Quarterly Report on Form 10-Q filed on October 31, [removed: 2019.](https://www.sec.gov/Archives/edgar/data/1123360/000112336019000034/ex103amendmentemployme.htm)] [added: 2022.](https://www.sec.gov/Archives/edgar/data/1123360/000112336022000030/ex10120220930.htm)] | | |

| [removed: 10.17+] [added: 10.27+] | | | [removed: [Amended and Restated] [added: [Amendment to] Employment Agreement, dated as of [removed: September 20, 2019,] [added: August 2, 2022,] between Global Payments Inc. and [removed: David L. Green,] [added: Joshua J. Whipple] incorporated by reference to Exhibit [removed: 10.4] [added: 10.2] to the Company’s Quarterly Report on Form 10-Q filed on October 31, [removed: 2019.](https://www.sec.gov/Archives/edgar/data/1123360/000112336019000034/ex104amendmenttoemploy.htm)] [added: 2022.](https://www.sec.gov/Archives/edgar/data/1123360/000112336022000030/ex10220220930.htm)] | | |

| [removed: 10.18+] [added: 10.15+] | | | [Employment Agreement, dated as of July 29, 2020, between Global Payments Inc. and Andréa Carter, incorporated by reference to Exhibit 10.21 to the Company's Annual Report on Form 10-K filed on February 14, 2024.](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000004/ex1021carterandreaemployme.htm) | | |

| [removed: 10.19+] [added: 10.16+] | | | [Form of Restricted Stock Award pursuant to the 2011 Amended and Restated Incentive Plan for Executive Officers (calendar 2021), incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on May 4, 2021.](https://www.sec.gov/Archives/edgar/data/1123360/000112336021000018/ex101formofrestrictedstock.htm) | | |

| [removed: 10.20+] [added: 10.17+] | | | [Form of Performance Unit Award Agreement pursuant to the 2011 Amended and Restated Incentive Plan for Executive Officers (calendar 2021), incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on May 4, 2021.](https://www.sec.gov/Archives/edgar/data/1123360/000112336021000018/ex102formofperformanceunit.htm) | | |

| [removed: 10.21+] [added: 10.18+] | | | [Form of Stock Option Award pursuant to the 2011 Amended and Restated Incentive Plan for Executive Officers (calendar 2021), incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed on May 4, 2021.](https://www.sec.gov/Archives/edgar/data/1123360/000112336021000018/ex103formofstockoptionaward.htm) | | |

| [removed: 10.22+] [added: 10.19+] | | | [Form of Supplemental Performance Unit Award Agreement pursuant to the 2011 Amended and Restated Incentive Plan for Executive Officers (calendar 2021), incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q filed on May 4, 2021.](https://www.sec.gov/Archives/edgar/data/1123360/000112336021000018/ex104formofsupplementalper.htm) | | |

| [removed: 10.23+] [added: 10.20+] | | | [Form of Restricted Stock Award pursuant to the 2011 Amended and Restated Incentive Plan for Executive Officers (calendar 2022), incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on May 2, 2022.](https://www.sec.gov/Archives/edgar/data/1123360/000112336022000013/ex101formofrestrictedstock.htm) | | |

| [removed: 10.24+] [added: 10.21+] | | | [Form of Performance Unit Award Agreement pursuant to the 2011 Amended and Restated Incentive Plan for Executive Officers (calendar 2022), incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on May 2, 2022.](https://www.sec.gov/Archives/edgar/data/1123360/000112336022000013/ex102formofperformanceunit.htm) | | |

| [removed: 10.25+] [added: 10.22+] | | | [Form of Stock Option Award pursuant to the 2011 Amended and Restated Incentive Plan for Executive Officers (calendar 2022), incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed on May 2, 2022.](https://www.sec.gov/Archives/edgar/data/1123360/000112336022000013/ex103formofstockoptionawar.htm) | | |

| [removed: 10.26+] [added: 10.23+] | | | [Form of Restricted Stock Award pursuant to the 2011 Amended and Restated Incentive Plan for Executive Officers (calendar 2023), incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on May 3, 2023.](https://www.sec.gov/Archives/edgar/data/1123360/000112336023000019/ex101formofrestrictedstock.htm) | | |

| [removed: 10.27+] [added: 10.24+] | | | [Form of Performance Unit Award Agreement pursuant to the 2011 Amended and Restated Incentive Plan for Executive Officers (calendar 2023), incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on May 3, 2023.](https://www.sec.gov/Archives/edgar/data/1123360/000112336023000019/ex102formofperformanceunit.htm) | | |

| [removed: 10.28+] [added: 10.25+] | | | [Form of Stock Option Award pursuant to the 2011 Amended and Restated Incentive Plan for Executive Officers (calendar 2023), incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed on May 3, 2023.](https://www.sec.gov/Archives/edgar/data/1123360/000112336023000019/ex103formofstockoptionawar.htm) | | |

| [removed: 10.29+] [added: 10.38+] | | | [Employment [removed: Agreement,] [added: Agreement] dated [removed: as of September 20, 2019,] [added: January 1, 2024] between Global [removed: Payments] [added: Payments,] Inc. and [removed: Joshua J. Whipple] [added: Shannon Johnston,] incorporated by reference to Exhibit [removed: 10.1] [added: 10.6] to the Company’s Quarterly Report on Form 10-Q filed on [removed: October 31, 2022.](https://www.sec.gov/Archives/edgar/data/1123360/000112336022000030/ex10120220930.htm)] [added: May 1, 2024.](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000014/ex106shannonjohnstonemploy.htm)] | | |

| [removed: 10.30+] [added: 10.28] | | | [removed: [Amendment to Employment] [added: [Investment] Agreement, dated as of August [removed: 2,] [added: 1,] 2022, [removed: between] [added: among] Global Payments [removed: Inc.] [added: Inc., Silver Lake Partners VI DE (AIV), L.P.] and [removed: Joshua J. Whipple] [added: Silver Lake Alpine II, L.P.,] incorporated by reference to Exhibit [removed: 10.2] [added: 10.4] to the [removed: Company’s Quarterly] [added: Company's Current] Report on Form [removed: 10-Q] [added: 8-K] filed on [removed: October 31, 2022.](https://www.sec.gov/Archives/edgar/data/1123360/000112336022000030/ex10220220930.htm)] [added: August 2, 2022](https://www.sec.gov/Archives/edgar/data/1123360/000119312522209347/d367051dex104.htm)] | | |

| [removed: 10.31] [added: 10.30] | | | [removed: [Investment] [added: [Credit] Agreement, dated as of August [removed: 1,] [added: 19,] 2022, among Global Payments Inc., [removed: Silver Lake Partners VI DE (AIV), L.P.] [added: as borrower, the other borrowers party thereto, Bank of America, N.A., as administrative agent] and [removed: Silver Lake Alpine II, L.P.,] [added: an L/C Issuer and the other lenders and L/C Issuers party thereto,] incorporated by reference to Exhibit [removed: 10.4] [added: 10.1] to the Company's Current Report on Form 8-K filed on August [removed: 2, 2022](https://www.sec.gov/Archives/edgar/data/1123360/000119312522209347/d367051dex104.htm)] [added: 22, 2022](https://www.sec.gov/Archives/edgar/data/1123360/000119312522226539/d357535dex101.htm)] | | |

| [removed: 10.32] [added: 10.29] | | | [Form of Capped Call Confirmation, incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on August 9, 2022](https://www.sec.gov/Archives/edgar/data/1123360/000119312522215725/d383382dex101.htm) | | |

| [removed: 10.33] [added: 10.42] | | | [Credit Agreement, dated as of [removed: August 19, 2022,] [added: May 15, 2025,] among Global Payments Inc., [removed: as borrower,] the other [removed: borrowers] [added: Borrowers] party thereto, Bank of America, N.A., as [removed: administrative agent] [added: Administrative Agent] and an L/C Issuer and the other [removed: lenders] [added: Lenders] and L/C Issuers party thereto, incorporated by reference to Exhibit 10.1 to the [removed: Company's] [added: Company’s] Current Report on Form 8-K filed on [removed: August 22, 2022](https://www.sec.gov/Archives/edgar/data/1123360/000119312522226539/d357535dex101.htm)] [added: May 16, 2025.](https://www.sec.gov/Archives/edgar/data/1123360/000110465925050050/tm2515175d1_ex10-1.htm)] | | |

| [removed: 10.34+] [added: 10.39+] | | | [removed: [Employment Agreement,] [added: [Eighth Amended and Restated Non-Employee Director Compensation Plan] dated [removed: as of August 1,] [added: April 25,] 2024, [removed: by and between Global Payments Inc. and Robert Cortopassi,] incorporated by reference to Exhibit 10.1 [removed: to](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000021/exhibit101employmentagreem.htm) [the Company's](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000021/exhibit101employmentagreem.htm) [Current] [added: to the Company’s Quarterly] Report on Form [removed: 8-K] [added: 10-Q] filed on August [removed: 6, 2024.](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000021/exhibit101employmentagreem.htm)] [added: 7, 2024.](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000025/ex10106302024.htm)] | | |

| [removed: 10.35] [added: 10.32] | | | [CORRA Transition Amendment, dated July 3, 2024, to Credit Agreement, dated as of August 19, 2022, among Global Payments Inc., the other borrowers party thereto and Bank of America, N.A., as administrative agent and an L/C Issuer and the other lenders and L/C Issuers party [removed: thereto,](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000036/ex10209302024.htm) [incorporated] [added: thereto, incorporated] by reference to Exhibit [removed: 10.](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000036/ex10209302024.htm)[2](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000036/ex10209302024.htm) [to] [added: 10.2 to] the Company's Current Report on [removed: Form](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000036/ex10209302024.htm) [10-Q](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000036/ex10209302024.htm) [filed on](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000036/ex10209302024.htm) [October] [added: Form 10-Q filed on October] 31, [removed: 2024](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000036/ex10209302024.htm)[.](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000036/ex10209302024.htm)] [added: 2024.](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000036/ex10209302024.htm)] | | |

| [removed: 10.36+] [added: 10.33+] | | | [Form of Restricted Stock Award pursuant to the 2011 Amended and Restated Incentive Plan for Executive Officers (calendar 2024), incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on May 1, 2024.](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000014/ex101formofrestrictedstock.htm) | | |

| [removed: 10.37+] [added: 10.34+] | | | [Form of Restricted Stock Award Certificate pursuant to the 2011 Amended and Restated Incentive Plan for Executive Officers (1 year vest; calendar 2024), incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on May 1, 2024.](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000014/ex102formofrestrictedstock.htm) | | |

| [removed: 10.38+] [added: 10.35+] | | | [Form of Performance Unit Award Certificate pursuant to the 2011 Amended and Restated Incentive Plan for Executive Officers (calendar 2024), incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed on May 1, 2024.](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000014/ex103formofperformanceunit.htm) | | |

| [removed: 10.39+] [added: 10.36+] | | | [Form of Stock Option Award pursuant to the 2011 Amended and Restated Incentive Plan for Executive Officers (calendar 2024), incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q filed on May 1, 2024.](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000014/ex104formofstockoptionawar.htm) | | |

| [removed: 10.40] [added: 10.37] | | | [Form of Capped Call Confirmation, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 23, 2024.](https://www.sec.gov/Archives/edgar/data/1123360/000110465924027012/tm246899d1_ex10-1.htm) | | |

| 2.1† | | | [Transaction Agreement, dated as of April 17, 2025, by and among Global Payments Inc., Total System Services LLC, Fidelity National Information Services, Inc. and Worldpay Holdco, LLC, incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on April 21, 2025.](https://www.sec.gov/Archives/edgar/data/1123360/000110465925036553/tm2512754d1_ex2-1.htm) | | |

| 2.2† | | | [Transaction Agreement, dated as of April 17, 2025, by and among Global Payments Inc., Genesis Merger Sub I, Inc., Genesis Merger Sub II, Inc., Genesis Merger Sub III, Inc., Genesis Merger Sub IV LLC, Genesis Washington Merger Sub LLC, GTCR W Aggregator LP, Worldpay Holdco, LLC, GTCR W Management Blocker Inc., GTCR W Management Blocker II Inc., GTCR W Blocker Corp. and the other parties thereto, incorporated by reference to Exhibit 2.2 to the Company’s Current Report on Form 8-K filed on April 21, 2025.](https://www.sec.gov/Archives/edgar/data/1123360/000110465925036553/tm2512754d1_ex2-2.htm) | | |

| 4.25 | | | [Supplemental Indenture No. 7, dated as of November 14, 2025, between Global Payments Inc. and U.S. Bank Trust Company, National Association, as trustee, incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on November 14, 2025.](https://www.sec.gov/Archives/edgar/data/1123360/000110465925112631/tm2531200d1_ex4-2.htm) | | |

| 4.26 | | | Form of Global Note representing the Notes (included in Exhibit 4.25). | | |

| 10.40+ | | | [Global Payments Inc. 2025 Incentive Plan, incorporated by reference to Appendix B to the Company’s Definitive Proxy Statement on Schedule 14A filed on March 13, 2025.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001123360/000110465925023451/tm2428803-5_def14a.htm#tAPB) | | |

| 10.41+ | | | [Global Payments Inc. Amended and Restated Employee Stock Purchase Plan, incorporated by reference to Appendix C to the Company’s Definitive Proxy Statement on Schedule 14A filed on March 13, 2025.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001123360/000110465925023451/tm2428803-5_def14a.htm#tAPC) | | |

| 10.43 | | | [Form of Stock Option Award pursuant to the 2025 Incentive Plan for the Executive Officers (calendar 2025), incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q filed on August 6, 2025.](https://www.sec.gov/Archives/edgar/data/1123360/000112336025000040/ex104np25neoeltnq.htm) | | |

| 10.44 | | | [Form of Performance Stock Unit Award Certificate pursuant to the 2025 Incentive Plan for Executive Officers (calendar 2025), incorporated by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q filed on August 6, 2025.](https://www.sec.gov/Archives/edgar/data/1123360/000112336025000040/ex105np25neoeltpsu.htm) | | |

| 10.45 | | | [Form of Restricted Stock Award Certificate pursuant to the 2025 Incentive Plan for Executive Officers (calendar 2025), incorporated by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q filed on August 6, 2025.](https://www.sec.gov/Archives/edgar/data/1123360/000112336025000040/ex106np25neoeltrsa.htm) | | |

| 10.47*+ | | | [Employment Agreement dated March 30, 2025 between Global Payments](https://www.sec.gov/Archives/edgar/data/1123360/000112336026000008/ex1047darasteele-belkinemp.htm) [Inc. and Dara Steele-Belkin](https://www.sec.gov/Archives/edgar/data/1123360/000112336026000008/ex1047darasteele-belkinemp.htm) | | |

| 10.48*+ | | | [Employment Agreement dated May 1, 2025 between Global Payments](https://www.sec.gov/Archives/edgar/data/1123360/000112336026000008/ex1048ryanloyemploymentagr.htm) [Inc. and Ryan Loy](https://www.sec.gov/Archives/edgar/data/1123360/000112336026000008/ex1048ryanloyemploymentagr.htm) | | |

| 10.49*+ | | | [Employment Agreement dated January 9, 2026 between Worldpay, LLC and Stella Nichole Viviani](https://www.sec.gov/Archives/edgar/data/1123360/000112336026000008/ex1049stellanicholeviviani.htm) | | |

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| Index to Exhibits | | | [123](#i055db5ededee43ddbdff1685f3216987_199) | | |

| 10.41+ | | | [Employment Agreement dated January 1, 2024 between Global Payments, Inc. and Shannon Johnston, incorporated by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q filed on May 1, 2024.](https://www.sec.gov/Archives/edgar/data/1123360/000112336024000014/ex106shannonjohnstonemploy.htm) | | |

| Index to Exhibits | | | [121](#if8e5d3a8ed2147c09a1d119a6c8b1b19_181) | | |

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Global Payments Inc. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on February [removed: 14, 2025.][added: 20, 2026.]

| | | | /s/ M. Troy Woods* | | | | | | Chairman of the Board | | | | | | February [removed: 14, 2025] [added: 20, 2026] | | |

| | | | /s/ Connie D. McDaniel* | | | | | | Director | | | | | | February [removed: 14, 2025] [added: 20, 2026] | | |

| | | | /s/ F. Thaddeus Arroyo* | | | | | | Director | | | | | | February [removed: 14, 2025] [added: 20, 2026] | | |

| | | | /s/ Robert H.B. Baldwin, Jr.* | | | | | | Director | | | | | | February [removed: 14, 2025] [added: 20, 2026] | | |

| | | | /s/ John G. Bruno* | | | | | | Director | | | | | | February [removed: 14, 2025] [added: 20, 2026] | | |

| | | | /s/ Joia M. Johnson* | | | | | | Director | | | | | | February [removed: 14, 2025] [added: 20, 2026] | | |

| | | | /s/ Kirsten Kliphouse* | | | | | | Director | | | | | | February [removed: 14, 2025] [added: 20, 2026] | | |

| | | | /s/ Joseph Osnoss* | | | | | | Director | | | | | | February [removed: 14, 2025] [added: 20, 2026] | | |

| | | | /s/ William B. Plummer* | | | | | | Director | | | | | | February [removed: 14, 2025] [added: 20, 2026] | | |

| | | | /s/ Cameron M. Bready | | | | | | Director | | | | | | February [removed: 14, 2025] [added: 20, 2026] | | |

| *By: | | | /s/ Cameron M. Bready | | | | | | Attorney-in-fact | | | | | | February [removed: 14, 2025] [added: 20, 2026] | | |

| | | | /s/ Archana Deskus* | | | | | | Director | | | | | | February 20, 2026 | | |

| | | | Archana Deskus | | | | | | | | | | | | | | |

| | | | /s/ Patricia Watson* | | | | | | Director | | | | | | February 20, 2026 | | |

| | | | Patricia Watson | | | | | | | | | | | | | | |

| | | | /s/ Ruth Ann Marshall* | | | | | | Director | | | | | | February 14, 2025 | | |

| | | | Ruth Ann Marshall | | | | | | | | | | | | | | |

| | | | /s/ John T. Turner* | | | | | | Director | | | | | | February 14, 2025 | | |

| | | | John T. Turner | | | | | | | | | | | | | | |