REVENUES
The following table presents a disaggregation of our revenues from contracts with customers by geography for our Merchant Solutions segment for the years ended December 31, 2025, 2024 and 2023. Revenues from our Consumer Solutions segment were solely affiliated with the Americas.
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| Years Ended December 31, |
| 2025 | | 2024 | | 2023 |
| | | | | |
| (in thousands) |
| | | | | |
| Americas | $ | 6,143,825 | | | $ | 6,279,160 | | | $ | 5,893,573 | |
| Europe | 1,280,865 | | | 1,197,098 | | | 1,042,532 | |
| Asia Pacific | 281,188 | | | 259,712 | | | 260,939 | |
| $ | 7,705,878 | | | $ | 7,735,970 | | | $ | 7,197,044 | |
In our Merchant Solutions segment, we actively market and provide our payment services, software and other commerce enablement solutions directly to our customers and through a variety of distribution channels across three service lines: Point-of-Sale and Software Solutions, Integrated and Embedded Solutions and Core Payments Solutions. Our Point-of-Sale and Software Solutions business provides advanced payments technology that is integrated into point-of-sale systems and business management software solutions that we own. Our Integrated and Embedded Solutions business provides e-commerce solutions, advanced payments technology and commerce enablement solutions that is embedded into business management software solutions owned by our technology partners who operate in numerous vertical markets and countries. Our Core Payments Solutions business provides payments technology services and other commerce enablement solutions directly to customers across numerous verticals in the markets we serve through our direct sales force worldwide, as well as referral partnerships and other wholesale relationships.
The following table presents a disaggregation of our Merchant Solutions segment revenues by service line for the years ended December 31, 2025, 2024 and 2023:
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| 2025 | | 2024 | | 2023 |
| | | | | |
| (in thousands) |
| | | | | |
| Point-of-Sale and Software Solutions | $ | 1,321,636 | | | $ | 1,512,488 | | | $ | 1,395,553 | |
| Integrated and Embedded Solutions | 3,407,539 | | | 3,195,898 | | | 2,968,818 | |
| Core Payments Solutions | 2,976,703 | | | 3,027,584 | | | 2,832,673 | |
| $ | 7,705,878 | | | $ | 7,735,970 | | | $ | 7,197,044 | |
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 years ended December 31, 2025, 2024 and 2023, substantially all of our revenues were recognized over time.
Supplemental balance sheet information related to contracts from customers as of December 31, 2025, 2024 and 2023 was as follows:
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| Balance Sheet Location | | December 31, 2025 | | December 31, 2024 | | December 31, 2023 |
| | | | | | | |
| | | (in thousands) |
| | | | | | | |
| Assets: | | | | | | | |
Capitalized costs to obtain customer contracts, net | Other noncurrent assets | | $ | 270,773 | | | $ | 338,709 | | | $ | 359,760 | |
Capitalized costs to fulfill customer contracts, net | Other noncurrent assets | | 21,259 | | | 34,749 | | | 69,822 | |
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| Liabilities: | | | | | | | |
| Contract liabilities, net (current) | Accounts payable and accrued liabilities | | 177,452 | | | 202,366 | | | 183,625 | |
| Contract liabilities, net (noncurrent) | Other noncurrent liabilities | | 19,625 | | | 21,324 | | | 30,183 | |
Net contract assets were not material at December 31, 2025, December 31, 2024 or December 31, 2023. Revenue recognized for the years ended December 31, 2025 and 2024 from contract liability balances at the beginning of each period was $183.2 million and $164.8 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 at December 31, 2025. 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 Merchant Solutions processing services is significantly higher than the amounts disclosed in the table below (in thousands):
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| Year ending December 31, | |
| 2026 | $ | 315,516 | |
| 2027 | 214,309 | |
| 2028 | 142,148 | |
| 2029 | 103,832 | |
| 2030 | 61,444 | |
| 2031 and thereafter | 42,521 | |
| Total | $ | 879,770 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.