v3.26.1
REVENUES
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
We operate our business in three segments: Enterprise, Platforms and SMB. Through our Enterprise segment, we offer card-present and card-not-present solutions, including payment and related commerce solutions to large enterprises and multinational clients. Through our Platforms segment, we provide payment and commerce solutions across numerous vertical markets by partnering with integrated referral partners and by embedding our solutions into payment facilitators ("PayFacs"), marketplaces and other technology-enabled platforms. Through our SMB segment, we provide payment, software and related commerce solutions to small and medium-sized businesses (“SMBs”). Other revenues primarily consist of revenues related to certain portfolios and relationships that are non-core and are not aligned to our go forward strategy.

The following table presents a disaggregation of our revenues from contracts with customers within each of our reportable segments for the three and six months ended June 30, 2026 and 2025:
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
(in thousands)
Card-present$219,384 $79,640 $411,847 $152,215 
Card-not-present618,917 69,382 1,148,843 132,284 
Enterprise segment revenues838,301 149,022 1,560,690 284,499 
Embedded payments148,927 3,366 279,166 6,806 
Integrated partners503,841 284,408 941,688 555,100 
Platforms segment revenues652,768 287,774 1,220,854 561,906 
Americas1,174,344 991,215 2,254,821 1,922,083 
Rest of world474,608 342,208 897,472 624,898 
SMB segment revenues1,648,952 1,333,423 3,152,293 2,546,981 
Other180,770 199,068 356,636 396,219 
Revenues$3,320,791 $1,969,287 $6,290,473 $3,789,605 

ASC Topic 606, Revenues from Contracts with Customers ("ASC 606"), requires that we determine for each customer arrangement whether revenue should be recognized at a point in time or over time. For the three and six months ended June 30, 2026 and 2025, substantially all of our revenues were recognized over time.

Supplemental balance sheet information related to contracts with customers as of June 30, 2026 and December 31, 2025 was as follows:
Balance Sheet LocationJune 30, 2026December 31, 2025
(in thousands)
Assets:
Capitalized costs to obtain customer contracts, net
Other noncurrent assets$308,381 $270,773 
Capitalized costs to fulfill customer contracts, net
Other noncurrent assets32,574 21,259 
Liabilities:
Contract liabilities, net (current)Accounts payable and accrued liabilities192,625 177,452 
Contract liabilities, net (noncurrent)Other noncurrent liabilities21,320 19,625 
Net contract assets were not material at June 30, 2026 or December 31, 2025. Revenue recognized for the three months ended June 30, 2026 and 2025 from contract liability balances at the beginning of each period was $80.0 million and $74.7 million, respectively. Revenue recognized for the six months ended June 30, 2026 and 2025 from contract liability balances at the beginning of each period was $135.5 million and $145.8 million, respectively.

ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations. The purpose of this disclosure is to provide additional information about the amounts and expected timing of revenue to be recognized from the remaining performance obligations in our existing contracts. The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2026. However, as permitted, we have elected to exclude from this disclosure any contracts with an original duration of one year or less, and any variable consideration that meets specified criteria. Accordingly, the total amount of unsatisfied or partially unsatisfied performance obligations related to processing services is significantly higher than the amounts disclosed in the table below (in thousands):
Year Ending December 31,
Remainder of 2026$193,868 
2027281,735 
2028179,134 
2029121,754 
203071,860 
203127,143 
2032 and thereafter28,947 
Total$904,441