Global Payments Inc. (GPN) Cash Flow Statement
Where GPN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.66B −24.8% vs 2024
- Capital expenditures
- $617.8M 8.0% of revenue
- Free cash flow
- $2.04B 26.5% margin
- Returned to shareholders
- $1.47B 72% of free cash flow
- Change in cash
- $5.60B cash at year-end $8.34B
Drawn to scale: where the cash came from and how it was used. Hover for values.
GPN operating cash flow, capex and free cash flow
GPN cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $658.7M2016 | $2.66B2025 | +16.8%/yr | |
| Capital expenditures | $138.9M2016 | $617.8M2025 | +18.0%/yr | |
| Free cash flow | $519.8M2016 | $2.04B2025 | +16.4%/yr | |
| Free cash flow margin | 15.4%2016 | 26.5%2025 | +11.0 pts | |
| Operating cash flow / net income | 3.262016 | 1.822025 | −1.44 | |
| Stock-based compensation | $32.1M2016 | $153.6M2025 | +19.0%/yr | |
| Dividends paid | $5.9M2016 | $238.5M2025 | +50.8%/yr | |
| Share buybacks (net) | $253.6M2016 | $1.23B2025 | +19.2%/yr | |
| Capex / revenue | 4.1%2016 | 8.0%2025 | +3.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GPN cash flow by activity
GPN net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
GPN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.46B | $1.64B | $1.03B | $143.3M | $987.9M | $605.1M | $469.3M | $484.7M | $494.1M | $201.8M |
| Depreciation & amortization | $1.42B | $1.86B | $1.78B | $1.66B | $1.69B | $1.61B | $878.3M | $522.8M | $451.2M | $345.0M |
| Stock-based compensation | $153.6M | $164.2M | $209.0M | $163.3M | $180.8M | $148.8M | $89.6M | $57.8M | $39.1M | $32.1M |
| Change in working capital | −$346.7M | $213.7M | −$663.3M | −$738.4M | −$168.2M | −$89.4M | −$156.0M | −$44.5M | −$358.9M | $47.5M |
| Other non-cash items | −$21.8M | −$351.8M | −$102.5M | $1.01B | $89.0M | $35.3M | $110.0M | $85.3M | −$113.1M | $32.4M |
| Cash from operating activities | $2.66B | $3.53B | $2.25B | $2.24B | $2.78B | $2.31B | $1.39B | $1.11B | $512.4M | $658.7M |
| Investing activities | ||||||||||
| Capital expenditures | −$617.8M | −$674.9M | −$658.1M | −$615.7M | −$493.2M | −$436.2M | −$307.9M | −$213.3M | −$181.9M | −$138.9M |
| Investments (net) | $8.9M | −$173.9M | −$4.36B | −$675.5M | −$2.29B | −$438.3M | −$917.1M | −$3.3M | −$29.0M | $64.7M |
| Acquisitions & other investing | $423.4M | $674.9M | $658.1M | $615.7M | $493.2M | $436.2M | $307.9M | −$1.26B | −$525.1M | −$1.84B |
| Cash from investing activities | −$185.5M | −$173.9M | −$4.36B | −$675.5M | −$2.29B | −$438.3M | −$917.1M | −$1.48B | −$736.0M | −$1.91B |
| Financing activities | ||||||||||
| Dividends paid | −$238.5M | −$252.8M | −$260.4M | −$274.0M | −$259.7M | −$233.2M | −$86.7M | −$6.3M | −$6.7M | −$5.9M |
| Share repurchases & issuance (net) | −$1.23B | −$1.61B | −$459.5M | −$2.92B | −$2.53B | −$631.1M | −$311.4M | −$208.2M | −$34.8M | −$253.6M |
| Net borrowing (repayment) | $4.89B | −$510.4M | $2.83B | $1.85B | $2.38B | −$82.3M | $439.1M | $524.3M | $424.8M | −$105.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $265.3M | −$395.5M | $35.6M | −$33.2M | $7.6M | −$599.5M | −$69.7M | −$22.9M | −$30.9M | $2.23B |
| Cash from financing activities | $3.69B | −$2.77B | $2.14B | −$1.38B | −$405.4M | −$1.55B | −$28.7M | $286.9M | $352.3M | $1.87B |
| Summary | ||||||||||
| Net change in cash | $5.60B | $479.1M | $41.3M | $92.6M | $33.3M | $411.5M | $467.4M | −$125.0M | $173.1M | $512.0M |
| Cash at end of period | $8.34B | $2.74B | $2.26B | $2.22B | $2.12B | $2.09B | $1.68B | $1.21B | $1.34B | $1.16B |
| Free cash flow | $2.04B | $2.86B | $1.59B | $1.63B | $2.29B | $1.88B | $1.08B | $892.8M | $330.5M | $519.8M |
| Free cash flow margin | 26.5% | 28.3% | 16.5% | 18.1% | 26.8% | 25.3% | 22.1% | 26.5% | 8.3% | 15.4% |
| Capex / revenue | 8.0% | 6.7% | 6.8% | 6.9% | 5.8% | 5.9% | 6.3% | 6.3% | 4.6% | 4.1% |
| Operating cash flow / net income | 1.82 | 2.15 | 2.19 | 15.66 | 2.81 | 3.82 | 2.96 | 2.28 | 1.04 | 3.26 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$1.54B | −$213.7M | $149.5M | $660.6M | $246.1M | $312.8M | $598.3M | $333.5M | $389.3M | $323.1M | $372.4M | $376.6M |
| Depreciation & amortization | $884.1M | $864.8M | $370.2M | $303.2M | $324.1M | $452.1M | $456.7M | $474.6M | $470.0M | $461.1M | $448.6M | $458.6M |
| Stock-based compensation | $57.2M | $21.5M | $38.8M | $35.3M | $39.8M | $39.7M | $29.9M | $51.0M | $43.2M | $40.1M | $35.7M | $36.6M |
| Change in working capital | −$492.7M | $1.58B | −$175.0M | $250.4M | −$18.0M | −$232.4M | −$150.2M | $658.5M | −$66.1M | −$228.5M | −$187.5M | −$415.1M |
| Other non-cash items | $1.75B | −$2.54B | $131.7M | −$480.7M | $225.6M | −$17.1M | −$281.2M | $23.2M | −$27.5M | −$66.2M | −$11.8M | −$29.9M |
| Cash from operating activities | $662.6M | −$288.8M | $515.2M | $768.7M | $817.5M | $555.1M | $653.4M | $1.54B | $808.8M | $529.6M | $657.5M | $426.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$235.7M | −$261.3M | −$168.2M | −$169.8M | −$152.2M | −$127.6M | −$184.0M | −$166.3M | −$179.2M | −$145.4M | −$157.3M | −$169.8M |
| Investments (net) | — | $4.4M | $668,000 | $556.4M | −$303.7M | −$173.1M | $672.7M | −$149.3M | −$549.3M | −$148.0M | −$241.4M | −$118.1M |
| Acquisitions & other investing | −$27.8M | $5.97B | −$98.7M | $169.8M | $152.2M | $127.6M | $184.0M | $166.3M | $179.2M | $145.4M | $157.3M | −$3.83B |
| Cash from investing activities | −$263.5M | $5.72B | −$266.2M | $556.4M | −$303.7M | −$173.1M | $672.7M | −$149.3M | −$549.3M | −$148.0M | −$241.4M | −$4.12B |
| Financing activities | ||||||||||||
| Dividends paid | −$66.5M | −$68.2M | −$59.1M | −$58.0M | −$60.4M | −$61.1M | −$62.3M | −$63.4M | −$63.4M | −$63.6M | −$64.8M | −$65.0M |
| Share repurchases & issuance (net) | −$518.5M | −$581.4M | −$903,000 | −$38.7M | −$282.2M | −$446.3M | −$708.1M | $43.3M | −$143.3M | −$800.0M | −$41.2M | $33.7M |
| Net borrowing (repayment) | −$24.7M | −$7.20B | $5.53B | −$505.1M | −$224.4M | $95.2M | −$793.0M | −$695.1M | — | — | — | −$198.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$224.1M | −$563.2M | $349.0M | −$1.00B | $76.2M | $380.7M | −$52.3M | $121.4M | −$73.8M | $587.0M | −$211.2M | −$13.0M |
| Cash from financing activities | −$833.8M | −$8.41B | $5.81B | −$1.60B | −$490.7M | −$31.5M | −$1.62B | −$593.9M | −$280.5M | −$276.7M | −$317.3M | −$242.9M |
| Summary | ||||||||||||
| Net change in cash | −$431.6M | −$2.99B | $5.73B | −$303.3M | $191.6M | $412.3M | −$403.5M | $852.4M | −$40.6M | $70.8M | $147.0M | −$4.5M |
| Cash at end of period | $5.69B | $6.12B | $8.34B | $3.04B | $3.34B | $3.15B | $2.74B | $3.14B | $2.29B | $2.33B | $2.26B | $2.11B |
| Free cash flow | $427.0M | −$550.2M | $347.0M | $598.9M | $665.4M | $427.5M | $469.4M | $1.37B | $629.6M | $384.1M | $500.1M | $257.0M |
| Free cash flow margin | 12.9% | −18.5% | 18.3% | 29.8% | 34.0% | 17.7% | 18.7% | 68.8% | 31.9% | 15.9% | 20.5% | 10.4% |
| Capex / revenue | 7.1% | 8.8% | 8.9% | 8.5% | 7.8% | 5.3% | 7.3% | 8.3% | 9.1% | 6.0% | 6.5% | 6.9% |
| Operating cash flow / net income | — | — | 3.45 | 1.16 | 3.32 | 1.77 | 1.09 | 4.62 | 2.08 | 1.64 | 1.77 | 1.13 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
GPN cash generation
In fiscal 2025 (ended December 31, 2025), Global Payments generated $2.7 billion of cash from operations (down 24.8%) and spent $617.8 million on capital expenditures, leaving free cash flow of $2.0 billion, 26.5% of revenue. It returned $1.5 billion to shareholders through dividends ($238.5 million) and net share buybacks ($1.2 billion). Cash and equivalents rose by $5.6 billion over the year.
Related: GPN income statement, GPN balance sheet, GPN dividend history. See the GPN stock overview for the latest quote and news.
GPN cash flow FAQ
What is Global Payments's free cash flow?
Global Payments's free cash flow was $2.0 billion in fiscal 2025: $2.7 billion of operating cash flow minus $617.8 million of capital expenditures It was $2.9 billion a year earlier..
How much cash does Global Payments generate from operations?
Global Payments generated $2.7 billion of cash from operating activities in fiscal 2025, 1.82 times its net income of $1.5 billion.
How much does Global Payments spend on capital expenditures?
Global Payments spent $617.8 million on capital expenditures in fiscal 2025, 8.0% of revenue, compared with $674.9 million the year before.
How much stock does Global Payments buy back?
Global Payments spent $1.2 billion on net share repurchases in fiscal 2025.
How much does Global Payments pay in dividends?
Global Payments paid $238.5 million in dividends in fiscal 2025, 11.7% of free cash flow.