Global Payments Inc.

The reinvention into a pure-play merchant company is done, but the growth it was meant to buy has not arrived — Global Payments cut its 2026 revenue and profit outlook in Q2 FY2026. Genius and 500 new sellers now have to lift a much bigger base.How much of GPN's growth now comes from Genius itself?

• The 2026 outlook set in February did not survive the second quarter.

  Revenue guidance came down to 4% to 5% and profit guidance with it, because Middle East conflict kept long-haul travel down longer than management assumed. The cut is about how long the drag lasts, not about shoppers spending less.How much of GPN's revenue is exposed to the travel portfolio?

• Genius is selling well but is still too small to move the whole company.

  New Genius locations are up about half year on year and new-customer yields rose sharply. But SMB revenue still grows only as fast as its payment volume: Genius remains, in management's words, a modest contributor today.When will GPN's Genius bookings start lifting SMB revenue growth?

• The cost of combining the two companies arrives before the savings.

  Separating Worldpay's systems from FIS is being pulled forward, so one-time charges hit 2026 while $600 million of expense savings arrive over three years and cross-selling barely pays off before 2028. It pays now, collects later.