Aug 5, 2026 earnings call — Worldpay integration and Genius product rollout
Updated full-year normalized constant currency adjusted net revenue growth to approximately 4% to 5% for the full year 2026.
Revenue $3.2B (est $3.2B) · EPS $3.46 (est $3.44)
Key quotes
"First, we completed our operating model design and have now established our entire leadership structure, creating a more streamlined organization with clearer accountability, greater agility and faster decision-making."
"Since the beginning of the year, we have seen a 30% increase in new merchant locations per quota-carrying sales professional."
"During the quarter, we returned approximately $550 million through our previously announced accelerated share repurchase program as well as additional open market repurchases. Combined with our dividend payments, we are now more than halfway to our over $2 billion capital return commitment for the year."
Analyst Q&A 8
Guide assumptions and Middle East impact
Q (Dan Dolev · Mizuho): Analyst asked management to unpack assumptions behind the new guide and explain the drivers. He wanted more detail on how the guide reflects the Middle East impact.
A: Management said the guide is meant to derisk the back half given ongoing Middle East travel impacts. They assume the travel headwind will persist through the year and set full-year revenue growth at 4% to 5% on a constant currency ex disposition basis. They noted this approach preserves their capital return plans.
"So look, I think the right way to think about the guide is we're trying to derisk the back half for whatever the Middle East conflict may entail in terms of ongoing impact to our travel portfolio." — Cameron Bready (CEO)
Why yields differ by segment
Q (Bryan Keane · Citi): Analyst asked why normalized revenue is above volume for enterprise but below for platforms, and whether Genius will raise SMB yields. He asked about the outlook for those segments.
A: Management said enterprise mixes card-present and card-not-present volumes, with card-not-present growing faster and value-added services giving a revenue tailwind. For Platforms, the mix matters: strong PayFac/managed PayFac volume grows but at lower yield than traditional referrals, so revenue can trail volume. For SMB, Genius is small today but should drive higher yields over time as adoption grows.
"I think Cameron already highlighted that our expectation is for revenue growth and volume to decouple in a favorable way over a period of time." — Robert Cortopassi (COO)
Medium-term segment growth and Genius role
Q (Andrew Schmidt · KeyBanc): Analyst asked for an intermediate-term view on growth by segment and what components in SMB (especially Genius) will drive revenue improvement.
A: Management said enterprise can be a high single-digit to low double-digit grower as card-not-present and bookings convert. Platforms should be a high single-digit grower driven by embedded solutions and PayFac/managed PayFac. SMB is targeted to mid-single-digit growth; Genius is early but showing strong adoption and should help lift SMB over time.
"And then SMB, we still target in that mid-single-digit range." — Cameron Bready (CEO)
Back-half cadence, Middle East, free cash flow
Q (Jason Kupferberg · Wells Fargo): Analyst asked how Q3 and Q4 cadence looks within the 4.5% back-half guide, whether that assumes the current airline headwind continues, and what GAAP free cash flow might look like in 2027.
A: Management said they won't parse Q3 versus Q4 in detail, though Q4 may be a bit better; drivers include salesforce productivity, Genius ramp, and signed-but-not-live enterprise bookings going live. They confirmed the airline headwind in Q2 was closer to 100 basis points and the guide allows for a range of outcomes. On cash, they said integration and separation costs are front-loaded and will decrease over time, and they remain confident about returning capital and hitting leverage targets.
"So it ended up persisting for the entirety of the second quarter, and the impact ended up being slightly more than we anticipated, so closer to that 100 basis points versus the 70 that we called out in the first quarter." — Cameron Bready (CEO)
Genius rollout and free cash specifics
Q (Darrin Peller · Wolfe): Analyst asked what milestones to watch for Genius adoption in SMB and cross-sell into Worldpay over the next 12 months. He also asked what will drive materially higher free cash in H2.
A: Management said early Genius results are very positive and they are investing behind product, marketing, distribution, and sales. They will provide more Genius KPIs late in the year and into 2027 as scale grows; ultimately they expect front-book SMB sales in the U.S. to become almost all Genius. On free cash, they pointed to historical seasonality—higher conversion in H2—and said they're confident they will exceed $2 billion of returns for the year.
"Ultimately, whether it's next year or the following, I think effectively 100% of front book sales in our SMB channel will be Genius in the U.S." — Cameron Bready (CEO)
What is in "other revenue" and dispositions
Q (Adam Frisch · Evercore): Analyst asked whether the nominal vs adjusted revenue delta was the $60 million divestitures and what items sit in other revenue and when it stops dragging growth.
A: Management said other revenue is noncore portfolios and relationships that no longer refer front-book business, plus a couple of noncore processing businesses acquired from Worldpay and some managed-services clients migrating off. They reported other revenue was about 8% of revenue in 2025 and expected about 6% in 2026, and the item will decline as those relationships are exited. They confirmed the Q2 difference ex-dispositions was roughly $60 to $65 million.
"And what that really is comprised of its portfolio of partners that are no longer referring us front book relationships and that are no longer actively providing us with new merchant referrals." — Joshua Whipple (CFO)
Whether 2027 will accelerate growth
Q (David Koning · Baird): Analyst asked if management feels 2027 will be an accelerating growth year after lapping Middle East headwinds, adding Worldpay synergies, and Genius ramp. He also asked if the SMB 4% was split evenly between Worldpay and Global.
A: Management said yes, they expect acceleration into 2027 as headwinds lap and Genius and bookings momentum build, and that moving revenue a point on this size business is meaningful. On SMB, they said it's hard to disaggregate post-integration but that SMB softness in the U.K. is more linked to Worldpay; overall SMB was probably slightly more weighted to Global than Worldpay.
"If I had to sort of try to pinpoint it, it's probably slightly more weighted to Global than Worldpay on the SMB side." — Cameron Bready (CEO)
Back-book conversion to Genius and enterprise cross-sell
Q (Ramsey El-Assal · Cantor Fitzgerald): Analyst asked if there is a back book of SMB customers that can be converted to Genius and whether that could accelerate Genius and SMB growth. He also asked about 30% growth in enterprise cross-sell bookings and where that is coming from.
A: Management said yes there is a back book, mostly serviced by dealers, and there are opportunistic opt-in upgrades because customers like the new Genius hardware and functionality. They emphasized there is no mass forced conversion campaign; back-book upgrades are voluntary and measured. On enterprise cross-sell, they said progress is driven by BaaS and focused cross-selling of value-added services into existing client relationships.
"But there's not a mass campaign around back book conversion, and we haven't put a gun to anybody's head to force them with platform retirements or deprecation sort of expectations." — Robert Cortopassi (COO)