环汇有限公司第二季度初步看法——业绩符合预期；因中东冲突下调2026财年指引，与摩根大通预期一致

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

05 August 2026

Global Payments

2Q First Look – In-Line Results; FY26 Guide Trimmed

on ME Conflict, in Line w/ JPMe

Neutral

GPN, GPN US

Price (04 Aug 26):$88.25

Payments, Processors & IT Services

GPN’s 2Q results were generally in line with expectations while FY26 guidance

was lowered, which we believe was directionally unsurprising as the prior outlook

assumed that the Middle East conflict would end in 2Q. 2Q revenue/EBIT was in

line with Street, and EPS was ~1% ahead on below-the-line help. GPN now sees

normalized revenue up 4-5% in FY26 (bracketing prior JPMe +4.4%) down from

~5% prior and adj. EPS growth outlook of 11-13% (prior JPMe/Street +13%),

down from 13-15% prior with reiterated adj operating margins. The guide now

implies more moderate acceleration in 2H at the midpoint (JPMe normalized 1H26

growth low-4%), which should be a relief. The company continues to expect $2B+

of capital returns in FY26, implying ~$800M remaining in the year, and reiterated

$7.5B capital return expectation through 2027. GPN also provided new disclosures

on its three new segments (more details below). Expected stock reaction pre-call:

neutral, considering 2Q print generally in line with expectations and directionally

expected guide cut on the ongoing Middle East conflict.

Tien-tsin Huang, CFA AC

(1-212) 622-6632

Connor Allen

(1-212) 270-2895

Abbey Hochreiner

(1-212) 270-5798

J.P. Morgan Securities LLC

2Q26 FXN/pro forma revenue growth was +4% (JPMe +3.3%), decelerating

<1ppt (from 4.5% in 1Q) as the Middle East conflict weighed, with reported

revenue essentially in line with Street estimates. On a pro forma basis, adj.

operating margins were up 70bps y/y to 42.0% (in line with JPMe/Street 42.0%)

and driving EPS of $3.46, ahead of JPMe/Street $3.41/$3.42. Upside vs. our EPS

was $0.05 below the line. Adj. free cash flow of $687M was somewhat below Street

($805M) and implied conversion of 75%.

New Segments. GPN introduced its three new segments: SMB, Enterprise, and

Platforms. SMB (48% of total rev) was up +4% FXN/pro forma driven by +4%

volume growth with 59% contribution margins. New Genius locations and

…