Global Payments Inc. (GPN)
Global Payments provides merchant payment processing and software for businesses.
GPN vs V: how the two businesses compare
- Bigger business: V, with $40.0B of yearly revenue, about 5.2× GPN's $7.7B.
- More profitable: V keeps 50 cents of each sales dollar as profit, against 18 cents at GPN.
- More cash from each sale: V turns 58 cents of each sales dollar into operating cash flow, against 34 cents at GPN.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Visa (V) is the larger business by reported revenue: $40.0B in its fiscal year ended Sep 2025, about 5.2× GPN's $7.7B (fiscal year ended Dec 2025). GPN's net margin was 18.2% and V's 50.1%. Both file with the SEC under the same industry code, SIC 7389 (Services-Business Services, NEC).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Financials
- Business Services, NEC
- Same classification
- Different
- GPN December 31 · V September 30
- Feb 20, 2026
GPN vs V: quick comparison
| Company fact | GPN | V |
|---|---|---|
| Company | Global Payments Inc. | Visa Inc. |
| Exchange | NYSE | NYSE |
| Headquarters | — | San Francisco, California |
| Founded | — | 1958 |
| SEC industry | Services-Business Services, NEC | Services-Business Services, NEC |
| Fiscal year-end | December 31 | September 30 |
| Latest annual filing | 10-K · 2026-02-20 | 10-K · 2025-11-06 |
GPN vs V: audited financials
- Scale: V's $40.0B of revenue is about 5.2× GPN's $7.7B.
- Net margin: V kept 50.1% of revenue as net income versus 18.2% at GPN.
- Cash conversion: operating cash flow equalled GPN 34.5% of revenue, or 1.90× net income; V 57.6% of revenue, or 1.15× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 3 months apart (2025-12-31 for GPN, 2025-09-30 for V), so each figure reflects somewhat different demand and cost conditions.
| Metric | GPN | V |
|---|---|---|
| Revenue | $7.7B2025-01-01 to 2025-12-31 · SEC filing | $40.0B2024-10-01 to 2025-09-30 · SEC filing |
| Net income | $1.4B2025-01-01 to 2025-12-31 · SEC filing | $20.1B2024-10-01 to 2025-09-30 · SEC filing |
| Operating cash flow | $2.7B2025-01-01 to 2025-12-31 · SEC filing | $23.1B2024-10-01 to 2025-09-30 · SEC filing |
| Diluted EPS | $5.782025-01-01 to 2025-12-31 · SEC filing | — |
| Net margin | 18.2%2025-01-01 to 2025-12-31 · SEC filing | 50.1%2024-10-01 to 2025-09-30 · SEC filing |
GPN: FY ending 2025-12-31 · V: FY ending 2025-09-30. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where GPN and V overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 7389, Services-Business Services, NEC.
Differences
- Offset fiscal calendars: GPN's year ends December 31 and V's September 30, about 3 months apart.
- Only V maps to International markets and Economic trends.
- Scale: V reported about 5.2× the annual revenue of GPN.
- Profitability: net margin of 18.2% for GPN versus 50.1% for V.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Visa Inc. (V)
Visa operates the world's largest electronic-payments network, earning fees on card transactions rather than lending. Its rails power a huge share of global consumer and commercial spending.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves GPN
We have not yet published a company-specific driver list for GPN. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-20.
What moves V
- Payments volume, processed transactions, and cross-border volume
- Client incentives paid to issuers and merchants
- Growth of value-added services and Visa Direct money movement
- Interchange regulation, the DOJ debit antitrust suit, and the Credit Card Competition Act
The investment question
You now know V reports about 5.2× GPN's revenue, and V keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about the services-business services, nec cycle, including “Payments volume, processed transactions, and cross-border volume” at V, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. GPN's fiscal year ends December 31, while V's ends September 30. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 6 matched transaction rows for GPN and 65 matched transaction rows for V. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
GPN primary filings
V primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving GPN or V
GPN vs V FAQs
Are GPN and V direct competitors?
Global Payments and Visa share the SEC industry classification “Services-Business Services, NEC.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is GPN or V the bigger company by revenue?
Visa (V) is the larger business by reported revenue: $40.0B in its fiscal year ended Sep 2025, about 5.2× GPN's $7.7B (fiscal year ended Dec 2025). GPN's net margin was 18.2% and V's 50.1%. Both file with the SEC under the same industry code, SIC 7389 (Services-Business Services, NEC). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, GPN or V?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this GPN vs V comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Global Payments Inc. and Visa Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-10-16. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-10-16. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
GPN vs V compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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