v3.26.1
Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments Segments
In accordance with ASC 280, Segment Reporting, the Company evaluates its operating segments to determine how to report its financial performance. Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”) for the purposes of allocating resources and evaluating financial performance. The Company’s CODM is the chief executive officer, who reviews financial information on a consolidated level for purposes of allocating resources and evaluating financial performance, and as such, the Company’s operations constitute one operating segment and one reportable segment.
The principal financial metric reviewed by the CODM on a monthly basis is consolidated net income. This metric is compared to prior periods and to the Company’s internal forecasts and budgets for the purposes of allocating resources and evaluating financial performance.
The following table presents a disaggregation of the Company’s consolidated net income:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2026202520262025
Payments-based revenue$1,073 $868 $1,990 $1,624 
TFS revenue117 — 219 — 
Subscription and other revenue105 98 207 190 
Network fees*(671)(553)(1,243)(1,032)
Other costs of sales* (exclusive of depreciation of equipment under lease)(178)(121)(335)(233)
General and administrative expenses:
Employee and other general and administrative expenses*(186)(108)(371)(227)
Equity-based compensation*(31)(15)(48)(42)
Rent, office, occupancy and equipment expenses*(14)(8)(28)(15)
Revaluation of contingent liabilities— 1 — 4 
Depreciation and amortization expense* (a)
(94)(57)(188)(113)
Professional expenses*(15)(15)(36)(34)
Advertising and marketing expenses*(11)(7)(22)(14)
Loss on extinguishment of debt— (3)— (3)
Interest income3 19 8 32 
Other income (expense), net2 (3)— (4)
Gain on investments in securities2 — 2 — 
Change in TRA liability— (1)— 2 
Interest expense*(65)(39)(130)(68)
Income tax benefit (expense)(13)(15)11 (6)
Net income$24 $41 $36 $61 
*    Denotes a significant segment expense reviewed by the CODM.
(a)Depreciation and amortization expense includes depreciation of equipment under lease of $26 million and $48 million for the three and six months ended June 30, 2026, respectively, and $17 million and $33 million for the three and six months ended June 30, 2025, respectively.