Global Payments (GPN) Gross Margin — Quarter Ended Sep 30, 2025

Revenue remained at the same level as both the prior quarter and the year-ago quarter, while gross profit was stable. Gross margin weakened compared with both periods because cost of revenue was higher.

Gross margin takeaway

Quarter ended Sep 30, 2025 · FY2025 Q3

The increase in cost of revenue was the primary factor behind the margin decline, as revenue did not change.
Compared with the immediately preceding quarter, gross margin was lower. Relative to the same quarter one year earlier, gross margin was also lower.

Gross margin snapshot

The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.

Gross margin

72.3%

Gross profit

$1.5B

Revenue

$2.0B

Cost of revenue

$556.7M

Quarter-over-quarter change

-2.2 pts

Year-over-year change

-2.5 pts

Quarterly gross margin trend

A four-quarter view of the revenue and direct-cost bridge behind gross margin.

Period	Revenue	Gross profit	Cost of revenue	Gross margin
Dec 31, 2024	$1.9B	$1.4B	$525.4M	72.8%
Mar 31, 2025	$1.8B	$1.3B	$495.2M	72.8%
Jun 30, 2025	$2.0B	$1.5B	$498.8M	74.5%
Sep 30, 2025	$2.0B	$1.5B	$556.7M	72.3%

Quarterly comparisons

Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.

Previous-quarter change

Jun 30, 2025

-2.2 pts

Year-over-year change

Sep 30, 2024

-2.5 pts

What the margin says

Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.

The increase in cost of revenue was the primary factor behind the margin decline, as revenue did not change.

Compared with the immediately preceding quarter, gross margin was lower. Relative to the same quarter one year earlier, gross margin was also lower.

Monitor whether cost of revenue continues to rise relative to revenue in future quarters.