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Global Payments cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$393M in Q3 2026 · −$169M over twelve months

Operating cash flow−$161M
Capital spending−$232M
Free cash flow−$393M
Cash / net income-0.6×
Cash conversion cycle-217 days

Analysis

In Q3 2026, Global Payments generated −$161M of operating cash flow and spent $232M on capital projects, leaving free cash flow of −$393M. That is $992M less than in Q3 2025 ($599M).

Over the twelve months to Sep 30, 2026, operating cash flow was $728M; the largest uses were net borrowing (+) / repaid (−) ($1.7B), buybacks ($1.2B), capital spending ($897M); besides operations, cash came from asset & business sales ($7.4B), shares issued ($26.1M); the cash balance rose by $2.8B.

Operating cash flow was −$161M against net income of $290M — -0.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: income taxes payable −$1.2B, depreciation & amortization +$884M, prepaid and other assets −$62.7M.

Its cash conversion cycle was -217 days (receivables 44 + inventory 0 − payables 261): suppliers fund its working capital.

Free cash flow

Global Payments: free cash flow by quarterGlobal Payments: free cash flow by quarter$699MQ4 2024$428MQ1 2025$665MQ2 2025$599MQ3 2025$347MQ4 2025−$550MQ1 2026$427MQ2 2026−$393MQ3 2026
Operating cash flow less capital spending.
Global Payments: operating cash flow against capital spendingGlobal Payments: operating cash flow against capital spendingOperating cash flowCapital spending$883M$184MQ4 2024$555M$128MQ1 2025$818M$152MQ2 2025$769M$170MQ3 2025$515M$168MQ4 2025−$289M$261MQ1 2026$663M$236MQ2 2026−$161M$232MQ3 2026
Latest (Q3 2026): Operating cash flow −$161M, Capital spending $232M.

Capital allocation, year by year

Global Payments: where the cash came from (up) and went (down), by fiscal yearGlobal Payments: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.8BFY2021: Net borrowing $2.4BFY2021: Shares issued $49.5MFY2021: Capital spending −$493MFY2021: Acquisitions −$1.8BFY2021: Buybacks −$2.5BFY2021: Dividends −$260M$5.2BFY2021FY2022: Operating cash flow $2.5BFY2022: Net borrowing $2.2BFY2022: Shares issued $44.1MFY2022: Asset sales −$29.8MFY2022: Capital spending −$616MFY2022: Acquisitions −$65.7MFY2022: Buybacks −$2.9BFY2022: Dividends −$274M$4.8BFY2022FY2023: Operating cash flow $2.5BFY2023: Net borrowing $2.8BFY2023: Shares issued $60.3MFY2023: Asset sales $479MFY2023: Capital spending −$658MFY2023: Acquisitions −$4.2BFY2023: Buybacks −$418MFY2023: Dividends −$260M$5.9BFY2023FY2024: Operating cash flow $3.1BFY2024: Net borrowing −$523MFY2024: Shares issued $43.0MFY2024: Asset sales $962MFY2024: Capital spending −$675MFY2024: Acquisitions −$487MFY2024: Buybacks −$1.6BFY2024: Dividends −$253M$4.1BFY2024FY2025: Operating cash flow $2.7BFY2025: Net borrowing $4.9BFY2025: Shares issued $30.8MFY2025: Asset sales $713MFY2025: Capital spending −$618MFY2025: Acquisitions −$352MFY2025: Buybacks −$1.2BFY2025: Dividends −$239M$8.3BFY2025
Over these 5 years operating cash flow totalled $13.6B; the largest uses were buybacks ($8.6B) and acquisitions ($6.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.6B
Debt$22.6B
Net debt$17.0B
Due within a year$1.9B
Cash runway3.5 years

Global Payments is burning cash: its operations consume cash, a free cash flow of −$1.6B a year at the current rate against $5.6B of cash and investments: a runway of about 3.5 years; $1.9B of debt also comes due within a year, which the cash covers before any new financing.

Global Payments: debt maturities by year (FY2025)Global Payments: debt maturities by year (FY2025)$1.9BYear 1$1.3BYear 2$2.2BYear 3$3.3BYear 4$4.2BYear 5$8.7BAfter year 5
Principal due in each year as disclosed in the annual report, against $5.6B of cash and investments now.

Where the cash came from and went

Global Payments: sources (+) and uses (−) of cash, Q3 2026Global Payments: sources (+) and uses (−) of cash, Q3 2026Acquisitions$681MCapital spending−$232MOperating cash flow−$161MBuybacks−$140MCash drawn (+) / kept (−)−$124MOther financing$70.3MDividends−$66.0MExchange rates−$38.0MPartners−$10.9MNet borrowing (+) / repaid (−)$9.7MShares issued$6.7MOther investing$4.4M
Global Payments: sources (+) and uses (−) of cash, TTM to Q3 2026Global Payments: sources (+) and uses (−) of cash, TTM to Q3 2026Asset & business sales$7.4BCash drawn (+) / kept (−)−$2.8BNet borrowing (+) / repaid (−)−$1.7BBuybacks−$1.2BCapital spending−$897MAcquisitions−$891MOperating cash flow$728MOther financing−$341MDividends−$260MExchange rates−$27.6MShares issued$26.1MOther investing$18.2M

From profit to cash

Global Payments: net income to operating cash flow, Q3 2026Global Payments: net income to operating cash flow, Q3 2026Net income$290MDepreciation & amortization$884MStock-based pay$34.3MOther non-cash$29.3MReceivables−$40.9MPayables−$58.8MPrepaid and other assets−$62.7MIncome taxes payable−$1.2BOperating cash flow−$161M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202644—261-217
Q2 202641—262-221
Q1 202633—222-188
Q3 202540—382-342
Q2 202538—416-378
Q1 202539—476-437

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$161M−$232M$681M−$140M−$66.0M$9.7M$6.7M−$124M−$393M
Q2 2026$663M−$236M−$32.2M−$550M−$66.5M−$24.7M$7.6M$432M$427M
Q1 2026−$289M−$261M−$1.4B−$550M−$68.2M−$7.2B$4.7M$3.0B−$550M
Q4 2025$515M−$168M−$150M$69K−$59.1M$5.5B$7.0M−$6.1B$347M
Q3 2025$769M−$170M$4.0M−$500M−$58.0M−$505M$7.5M$303M$599M
Q2 2025$818M−$152M−$156M−$245M−$60.4M−$224M$9.9M−$192M$665M
Q1 2025$555M−$128M−$49.9M−$446M−$61.1M$95.2M$6.3M−$412M$428M
Q4 2024$883M−$184M−$113M−$652M−$62.3M−$793M$9.5M$404M$699M

Global Payments: income statement and cash flow

Global Payments, Q3 2026: revenue $3.3B (+64% year over year), operating margin 7.4%. The chart follows the revenue to costs, profit and cash.

Global Payments: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.