Financial Data and Key Metrics Changes - For the full year 2025, adjusted net revenue was $9.32 billion, a 6% increase from the prior year on a constant currency basis, excluding dispositions [40] - Adjusted operating margin improved by 100 basis points to 44.2% for the full year [41] - Adjusted earnings per share (EPS) for the full year was $12.22, a 12% increase compared to 2024 [42] - In Q4, adjusted net revenue was $2.32 billion, reflecting a 6% increase year-over-year on a constant currency basis [42] - Adjusted operating margin for Q4 increased by 80 basis points to 44.7% [42] - Adjusted EPS for Q4 was $3.18, a 12% increase compared to the prior year [42] Business Line Data and Key Metrics Changes - Merchant Solutions segment achieved adjusted net revenue of $1.78 billion for Q4, reflecting growth of slightly over 6% [43] - POS and software business within Merchant Solutions achieved high single-digit growth in Q4 [43] - Genius's payments attach rate in the enterprise segment nearly doubled in Q4, enhancing customer lifetime value [44] - Integrated and embedded business grew in the high single digits in Q4 [44] - Core payments delivered mid-single-digit growth in Q4, benefiting from strong distribution channels [45] Market Data and Key Metrics Changes - Revenue in Central Europe grew in the mid-teens, with Greece experiencing one of the strongest quarters on record [45] - New sales in the U.S. during Q4 were 35% higher than the prior year, marking the strongest quarter in several years [45] Company Strategy and Development Direction - The acquisition of Worldpay is seen as a pivotal moment for the company, aimed at creating a better Global Payments with enhanced scale and capabilities [4][5] - The company plans to invest approximately $1 billion annually in commerce technology to expand omni-channel offerings and advance AI-enabled product roadmaps [12] - Four strategic pillars include pure-play focus, client-centric approach, enhanced capabilities through innovation, and global reach with local expertise [16] - In 2026, the company will focus on integrating Worldpay, accelerating go-to-market strategies, expanding Genius, and leveraging AI for new revenue streams [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving $200 million in annualized revenue and $600 million in expense synergies over the next three years from the Worldpay integration [17] - The company expects constant currency adjusted net revenue growth of approximately 5% for 2026, with modest acceleration anticipated in the second half of the year [50][51] - Management highlighted the importance of a disciplined integration plan to support future growth and the need to unite as one global team [38][39] Other Important Information - The company generated strong free cash flow in 2025, with over 100% adjusted free cash flow conversion [7] - A $2.5 billion share repurchase authorization was approved, with an immediate repurchase of $550 million of shares [8] - The company plans to return more than $2 billion of capital to shareholders in 2026 through share repurchases and dividends [52] Q&A Session Summary Question: What is the split between enterprise and SMB growth? - Management indicated that the merchant business exited the year a little over 6% organically, with SMB approximately 50% of revenue composition and enterprise and platforms each representing about 25% [59][62] Question: What is the trajectory of the expected synergies? - The company expects to realize $600 million in cost synergies over three years, with $70 million-$80 million expected in 2026 [69][70] Question: How is the cross-sell into the SMB business at Worldpay progressing? - Management expressed optimism about cross-selling capabilities into the existing Worldpay base and leveraging distribution platforms to enhance market penetration [71][72]

Financial Data and Key Metrics Changes - For the full year 2025, adjusted net revenue was $9.32 billion, a 6% increase from the prior year on a constant currency basis, excluding dispositions [38] - Adjusted operating margin improved by 100 basis points to 44.2% for the full year [38] - Adjusted earnings per share (EPS) for the full year was $12.22, a 12% increase compared to 2024 [39] - In Q4, adjusted net revenue was $2.32 billion, reflecting a 6% increase from the prior year on a constant currency basis [39] - Adjusted operating margin for Q4 increased by 80 basis points to 44.7% [39] Business Line Data and Key Metrics Changes - Merchant Solutions segment achieved adjusted net revenue of $1.78 billion for Q4, with growth slightly over 6% on a constant currency basis [40] - Genius's payments attach rate in the enterprise segment nearly doubled in Q4, enhancing customer lifetime value [41] - New POS locations in Q4 were 25% higher than the previous year, with enterprise restaurant rooftop count over 50% higher than the end of 2024 [40] Market Data and Key Metrics Changes - In the U.S., new sales in Q4 were 35% higher than the prior year, marking the strongest quarter in several years [42] - Internationally, revenue in Central Europe grew in the mid-teens, with Greece experiencing one of its strongest quarters on record [42] Company Strategy and Development Direction - The acquisition of Worldpay is seen as a pivotal moment for the company, aimed at creating a better Global Payments with enhanced scale and capabilities [3][4] - The company plans to invest approximately $1 billion annually in commerce technology to drive innovation and expand omni-channel offerings [11] - Four strategic pillars include pure-play focus, client-centric approach, enhanced capabilities, and global reach [12][14] Management's Comments on Operating Environment and Future Outlook - The company expects constant currency adjusted net revenue growth of approximately 5% for 2026, with modest acceleration anticipated in the second half of the year [46][50] - Management remains optimistic about the integration of Worldpay and the potential for revenue synergies, particularly in the SMB channel [68][70] Other Important Information - The company generated strong free cash flow in 2025, with over 100% adjusted free cash flow conversion [5] - A $2.5 billion share repurchase authorization was approved, with an immediate repurchase of $550 million of shares [7] Q&A Session Summary Question: What is the split between enterprise and SMB growth? - Management indicated that the merchant business exited the year a little over 6% organically, with SMB approximately 50% of revenue composition and the other 50% split between platforms and enterprise [57][59] Question: What is the trajectory of expected synergies? - The company expects to realize $600 million in cost synergies over three years, with $70 million-$80 million expected in 2026 [66] Question: How is the cross-sell into the SMB business at Worldpay progressing? - Management expressed optimism about cross-selling capabilities into the existing Worldpay base and leveraging distribution platforms to enhance market penetration [68][70]