Financial Performance - Consolidated revenues were $2,007.6 million for the three months ended September 30, 2025, a 0.5% increase from $1,997.7 million in the same period of 2024[124] - For the nine months ended September 30, 2025, consolidated revenues were $5,773.1 million, a 0.5% decrease from $5,802.8 million in 2024[133] - Operating income for the three and nine months ended September 30, 2025 was $778.0 million and $1,585.3 million, respectively, compared to $442.7 million and $1,277.7 million in the prior year, resulting in operating margins of 38.8% and 27.5%[142] - Income from continuing operations was $473.3 million and $928.7 million for the three and nine months ended September 30, 2025, compared to $303.9 million and $868.8 million for the prior year[149] - Diluted earnings per share for the three and nine months ended September 30, 2025 were $1.86 and $3.67, respectively, reflecting a decrease in diluted weighted-average shares outstanding to 240.2 million and 243.6 million shares[150] Segment Performance - The Merchant Solutions segment operating income for the three months ended September 30, 2025, increased by 6.0% to $749.99 million compared to $707.55 million in 2024[130] - The operating margin for the Merchant Solutions segment improved to 37.4% for the three months ended September 30, 2025, compared to 35.4% in 2024[130] - Revenues in the integrated and embedded solutions service line increased by $56.3 million (6.8%) and $158.6 million (6.7%) for the three and nine months ended September 30, 2025, respectively, while revenues in point of sale and software solutions decreased by $37.2 million (9.8%) and $110.5 million (9.6%) in the same periods[136] Expenses and Cost Management - Operating expenses for the three months ended September 30, 2025, decreased by 20.9% to $1,229.6 million from $1,554.9 million in 2024[130] - Selling, general and administrative expenses decreased by $84.6 million (10.8%) and $186.5 million (8.0%) for the three and nine months ended September 30, 2025, respectively, with expenses as a percentage of segment revenues at 34.9% and 37.2%[139][140] - The company incurred acquisition and transformation expenses of $205.1 million for the three months ended September 30, 2025[130] - Corporate expenses increased by $51.1 million (19.3%) and $161.1 million (23.6%) for the three and nine months ended September 30, 2025, primarily due to higher acquisition and transformation costs[141] Cash Flow and Capital Management - Cash and cash equivalents totaled $2,785.3 million as of September 30, 2025, with $1,304.1 million available for general purposes[160] - Operating activities provided net cash of $2,141.4 million for the nine months ended September 30, 2025, reflecting net income adjusted for noncash items[162] - Net cash from investing activities was $79.6 million for the nine months ended September 30, 2025, compared to a cash outflow of $846.6 million for the same period in 2024[163] - Cash used for acquisitions was $201.9 million in 2025, down from $373.8 million in 2024, while capital expenditures were $449.6 million in 2025 compared to $490.9 million in 2024[163] - The company anticipates capital expenditures to be approximately $700 million for the year ending December 31, 2025[163] Financing Activities - Net cash used in financing activities was $2,126.0 million for the nine months ended September 30, 2025, significantly higher than $446.0 million in 2024[164] - Proceeds from long-term debt were $4,899.1 million in 2025, down from $7,637.9 million in 2024, while repayments were $5,972.8 million in 2025 compared to $5,803.0 million in 2024[165] - The company repurchased 13,171,490 shares of common stock for $1,191.1 million during the nine months ended September 30, 2025, at an average price of $84.61 per share[168] - Dividends paid to common shareholders were $179.5 million in 2025, a decrease from $190.5 million in 2024[169] Strategic Initiatives and Acquisitions - The company expects transformation initiatives to generate over $650 million of annual run-rate operating income benefit by the first half of 2027[120] - The company completed the sale of Heartland Payroll Solutions for approximately $1.1 billion, recognizing a gain of $343.9 million during the three months ended September 30, 2025[117] - The proposed acquisition of Worldpay involves approximately $6.1 billion in cash and 43.3 million shares of common stock, with a simultaneous divestiture of the Issuer Solutions business for approximately $7.5 billion in cash[117] - The company plans to complete the acquisition of Worldpay and divest its Issuer Solutions business, with expectations of future financial and operational benefits[187] - The company’s future performance and strategic initiatives are contingent on successful integration of acquisitions and operational initiatives[187] Risk Factors and Forward-Looking Statements - The company acknowledges that actual revenues and growth rates may differ materially from forward-looking statements due to various risks and uncertainties[188] - The company emphasizes the importance of reviewing risk factors discussed in its Annual Report on Form 10-K for the year ended December 31, 2024[188] - Forward-looking statements are subject to significant risks and uncertainties, and the company disclaims any obligation to publicly update these statements[189] - The company cautions against placing undue reliance on forward-looking statements, which are only valid as of their date[189] - The company’s market risk exposure is discussed in its Annual Report on Form 10-K for the year ended December 31, 2024[190]

Exhibit 99.1 Global Payments Reports Third Quarter 2025 Results November 4, 2025 ATLANTA -- Global Payments Inc. (NYSE: GPN) today announced results for the third quarter ended September 30, 2025. "We are pleased to deliver third quarter results that accelerated sequentially across our key financial metrics as we advance our transformation program," said Cameron Bready, chief executive officer. "Our team continues to execute at a high level, positioning us well to deliver on our overall expectations for the ...

Analyst Ratings & Company Performance - Rothschild analyst Dominic Ball maintains a sell rating on Fire Serv, which has declined by 70% since the rating was issued [1][2] - Only 5% of analysts on the Bloomberg terminal issue sell ratings [3] - Global Payments is also rated as sell by only 6% of analysts covering it [9] - Fire Serv stock is down 40% over the past five years, while Global Payments is down 50% over the same period [16] Company Strategy & Challenges - Fire Serv's Clover product (a point of sale system) is facing issues, indicating a systemic problem [2] - Management at Fire Serv has focused too aggressively on Clover, potentially underinvesting in other areas [7] - Companies that have grown through M&A face challenges in consolidating and focusing R&D on new technologies [8][10][11] - Payments industry faces rapid technological changes, including the emergence of gig commerce and stablecoins [8] Competitive Landscape & Opportunities - Toast is highlighted as a strong competitor with a focused approach and significant market share gains in the restaurant vertical [9][14] - Toast is considered materially underrated, with the potential for significant growth and high margins [15] - Analyst has a target price of $60 for Toast, which IPO'd when interest rates were near 0% [17] - Toast has scaled to 35% EBIT margins within 18 months while adding more locations [18]

Core Viewpoint - Fiserv's stock price collapse is primarily attributed to management failures, including poor pricing strategies, overpromising growth, and a sluggish corporate culture in responding to customer needs [2][3][4]. Financial Performance - The new CEO Mike Lyons revised the adjusted EPS forecast for the year from $10.15-$10.30 to $8.50-$8.60, a reduction of over 16%. Revenue growth expectations were cut by more than half, from 10% to 3.5%-4% [2]. - In Q3, Fiserv's revenue grew only about 1% year-over-year to $4.92 billion, falling short of the expected $5.36 billion by over 8%. The adjusted EPS was $2.04, nearly 23% below the anticipated $2.64 [2]. Management Issues - The crisis reflects a failure of management rather than a technical failure, with the previous CEO setting overly aggressive growth targets and implementing a pricing strategy that led to significant customer attrition [3][9]. - Lyons acknowledged that the challenges faced were largely self-inflicted, stemming from short-term focused initiatives that compromised the company's ability to deliver products to customers [9][10]. Customer Reactions - Customers expressed dissatisfaction with the high fees associated with Clover's payment terminal system, leading many to switch to cheaper alternatives like Square or Toast [7][8]. - Analysts raised concerns about the sustainability of Clover's revenue growth, noting that its revenue growth was outpacing the growth in payment volume, which typically should align [8]. Analyst Reactions - Analysts reacted swiftly to Fiserv's poor performance, with BTIG describing the financial results as "astonishingly bad" and other analysts expressing disbelief at the magnitude of the earnings miss and guidance cut [11]. - Mizuho's analyst maintained a cautiously optimistic outlook, comparing the situation to a medical emergency that could lead to recovery if managed properly [11]. Strategic Changes - Fiserv announced several remedial measures, including reversing pricing changes for Clover, launching a new technology strategy, and making significant leadership adjustments [11][13]. - The company appointed a new CFO and introduced new board members to help steer the organization through this crisis [12][13]. Market Implications - The situation serves as a warning that even entrenched companies in the digital economy can collapse due to management missteps, especially in a competitive landscape with decreasing investor tolerance [4][13].

Core Viewpoint - Fiserv has been downgraded to "Market Perform" by William Blair due to disappointing third-quarter financial results, which included significant misses in earnings and revenue forecasts [1][6]. Financial Performance - Fiserv's shares have declined nearly 45% following the release of its third-quarter 2025 financial results, with the stock priced at $76.55 at the time of downgrade [1][2]. - The company reported earnings per share (EPS) of $2.04, falling short of the anticipated $2.65, contributing to the downgrade [2][6]. - Revenue for the quarter was $4.92 billion, missing the forecasted $5.36 billion, prompting a revision of the full-year 2025 guidance [3][6]. - Fiserv now projects adjusted EPS between $8.50 and $8.60, down from the expected $10.07, and has adjusted its organic revenue growth forecast to 3.5% to 4%, significantly lower than the previous estimate of approximately 10% [3][6]. Strategic Initiatives - In response to the financial challenges, Fiserv has launched the "One Fiserv" action plan aimed at enhancing client focus and leveraging the company's strengths [4][6]. - Despite the overall disappointing performance, Fiserv's net income increased to $792 million from $564 million in the same period last year, indicating some positive aspects amidst the challenges [4][6]. Market Data - The current stock price of Fiserv is $75.98, reflecting a significant decrease of $50.19, or 39.78% [5]. - The stock has fluctuated between a low of $66.58 and a high of $76.64 on the day of reporting, with a market capitalization of approximately $41.3 billion and a trading volume of 63.6 million shares [5].

Core Insights - Fiserv's shares dropped nearly 42%, marking a record single-day decline after reporting disappointing earnings and cutting its growth forecast for the second consecutive quarter, with analysts labeling the results as "shockingly bad" [1][2][3] Financial Performance - The earnings report revealed significant struggles in Fiserv's core payments and merchant business, attributed to intense competition and a slowdown in consumer spending [2][4] - If current losses persist, approximately $29 billion will be wiped from Fiserv's market capitalization [3] Management Changes - Fiserv announced a major overhaul in its senior leadership, including the appointment of a new finance chief and two co-presidents, which raises concerns about internal challenges or strategic shifts [2][3] Market Reaction - The disappointing results led to a sell-off in fintech stocks, with notable declines in FIS (down 8.8%), Global Payments (down 6.7%), Block (down 3%), and Jack Henry (down 4%) [5] - At least two brokerages downgraded Fiserv's stock rating following the earnings report [6] Investor Sentiment - Analysts expressed that the "abysmal" third-quarter results and outlook would further dampen investor appetite, especially given the broader economic headwinds affecting consumer spending [4][5]

Core Insights - Checkout.com has formed a strategic partnership with Uber Technologies, Inc to provide acquiring and gateway services for Uber's ridesharing and on-demand delivery platforms across various markets [1][2] Group 1: Partnership Details - Uber selected Checkout.com for its combination of international coverage and domestic expertise in key markets, which aligns with Uber's scale and supports its expansion in the digital economy [2] - The partnership aims to leverage Checkout.com's global acquiring network and advanced payment technologies to enhance transaction speed, security, and reliability [4] Group 2: Technology and Infrastructure - Checkout.com will implement its AI solution, Intelligent Acceptance, which uses real-time data to intelligently route transactions, reduce failures, and improve overall performance [5] - The partnership is seen as a significant milestone for Checkout.com, demonstrating progress in capturing the global enterprise payments market [5] Group 3: Strategic Goals - Uber's VP of Global Commerce emphasized the importance of reliable partners to enhance the payment experience for riders and eaters as the company expands operations [3][4] - Checkout.com is committed to delivering digital payment performance that supports Uber's ambitions in digital mobility [6]

Group 1 - Global Payments is currently in the final leg of its Phase 16, with a negative outlook as it approaches Phase 17, which is considered a no-trade zone [1][9] - The stock entered Phase 4 in 2017 and traded within a Cakra structure until Phase 8, but failed to break out positively in Phase 9, leading to a bearish phase known as the Move of Pralaya [2][3] - The stock has experienced a decline of over 50% by the time it reached Phase 13, transitioning into its Guna Triads (Phases 14, 15, and 16) without showing signs of bullish momentum [5][9] Group 2 - For a Nirvana move to occur in Phase 18, the Guna Triads must exhibit Satoguna, which has been absent in Global Payments' case, ruling out any possibility of a Nirvana move [6][9] - The stock's underperformance is expected to continue until at least November 2027, with any short-term rallies likely to be temporary [9][10] - The fundamental outlook for Global Payments shifted negatively after breaking its Cakra in Phase 9, reinforcing a bearish bias due to the lack of meaningful strength during its triads [10]

Core Insights - The United Kingdom's Competition and Markets Authority (CMA) has approved Global Payments' acquisition of Worldpay, with the full decision text to be published soon [2][3] - Global Payments is acquiring Worldpay for a net price of $22.7 billion while simultaneously selling its Issuer Solutions business to FIS for $13.5 billion [3] - FIS will divest its remaining stake in Worldpay to Global Payments for $6.6 billion, allowing Global Payments to exit the issuer processing field and focus on merchant solutions [3][4] Company Strategy - Global Payments' CEO described the agreements as transformative, enhancing the company's focus on merchant solutions and expanding its offerings in point-of-sale systems and integrated payments [4] - The recent acquisitions are reminiscent of the megamergers of 2019, indicating a trend of significant consolidation in the payments industry [5] Regulatory Context - The CMA is also investigating FIS's planned acquisition of Global Payments' Issuer Solutions business, which was initially rejected due to incomplete information [5][6] - FIS has stated that despite the need to refile information with the CMA, its acquisition plans remain on track [6]

Worldpay’s $24.3 billion deal with Global Payments to create a payment processing behemoth avoided a deeper investigation as the Competition and Markets Authority found the deal will not weaken competition in the UK https://t.co/3FrCk35sWN ...