EURONET WORLDWIDE, INC.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
EEFT$70.87-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-25.
0001213900-25-017068
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-26.
0001554855-26-000131
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 147 previous paragraphs and 147 current paragraphs.
75 unchanged; 63 reworded; 8 added; 7 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 10 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
Selling, general and administrative expenses were $59.0 million for the year ended December 31, 2025, an increase of $3.9 million or 7.1% compared to the same period in 2024. As a percentage of revenues, these expenses decreased to 4.6% for the year ended December 31, 2025, compared to 4.7% for the same period in 2024.
Current report
Depreciation and amortization expenses were $106.7 million for the year ended December 31, 2025, an increase of $8.8 million or 9.0% compared to the same period in 2024. As a percentage of revenues, these expenses decreased to 8.3% for the year ended December 31, 2025, compared to 8.4% for the same period in 2024.
Current report
Gross profit was $295.8 million for the year ended December 31, 2025, an increase of $18.0 million or 6.5% compared to $277.8 million for the same period in 2024. Gross margin increased to 24.9% for the year ended December 31, 2025, compared to 24.1% for the same period in 2024.
Current report
Selling, general and administrative expenses were $44.7 million for the year ended December 31, 2025, an increase of $6.1 million or 15.8% compared to the same period in 2024. As a percentage of revenues, these expenses increased to 3.8% for the year ended December 31, 2025, compared to 3.4% for the year ended December 31, 2024.
Current report
On June 27, 2024, the Company entered into an Uncommitted Loan Agreement for $300 million, for the sole purpose of providing vault cash for ATMs, that expired on November 30, 2024. The loan was fully repaid and there was no balance at December 31, 2024. The loan was a Prime Rate Loan, a Daily Simple SOFR Rate Loan plus 1.125% or bore interest at the rate agreed to by the Bank and the Company at the time such Loan was made. The weighted-average interest rate from the loan inception date to November 30, 2024 was 6.24%.
Current report
Convertible debt - On August 15, 2025, the Company completed the sale of $1,000.0 million of Convertible Senior Notes due October 2030. ("2030 Convertible Notes"). The 2030 Convertible Notes mature in October 2030 unless redeemed or converted prior to such date and are convertible into shares of Euronet common stock at a conversion price of approximately $127.04 per share if certain conditions are met (relating to the closing price of Euronet common stock exceeding certain thresholds for specified periods). The 2030 Convertible Notes bear interest at a rate of 0.625% per year, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026. In connection with the issuance of the 2030 Convertible Notes, we recorded $23.5 million in debt issuance costs, which will be amortized through October 1, 2030. The 2030 Convertible Notes are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding April 1, 2030 if certain conditions are met. In August 2025, in connection with the issuance of the 2030 Convertible Notes, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain of the initial purchasers of the 2030 Convertible Notes or affiliates thereof and other financial institutions (the “Option Counterparties”). The Capped Call Transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of the Company’s common stock that initially would be issuable upon conversion of the 2030 Convertible Notes. The Capped call Transactions are net purchased call options in Euronet common stock. The Capped Call Transactions are separate transactions, entered into by the Company with the Option Counterparties, and are not part of the terms of the 2030 Convertible Notes and will not change the holders’ rights under the 2030 Convertible Notes. Holders of the 2030 Convertible Notes will not have any rights with respect to the Capped Call Transactions. The Company has concluded that the Capped Call Transactions meet the scope exceptions for derivative instruments, and as such, the Capped Call Transactions meet the criteria for classification in equity and are included as a reduction to additional paid in capital.
Current report
On June 3, 2025, the Company put a repurchase program in place to repurchase up to $400 million in value, but not more than 8.0 million shares of common stock through June 3, 2027. During 2025, we repurchased 1,730,566 shares under the repurchase program at a weighted average purchase price of $76.02 for a total value of $131.6 million.
Current report
On February 24, 2026, the Company put a repurchase program in place to repurchase up to $425 million in value, but not more than 10 million shares of common stock. The Company has not made any repurchases under this plan.
Removed paragraphs (7)
Previous report
Selling, general and administrative expenses were $55.1 million for the year ended December 31, 2024, a decrease of$3.7 million or 6.3% compared to the same period in 2023. As a percentage of revenues, these expenses decreased to 4.7% for the year ended December 31, 2024, compared to 5.6% for the same period in 2023.
Previous report
Gross profit was$277.8 millionfor the year ended December 31, 2024, an increase of $14.5 million or 5.5% compared to$263.3 million for the same period in 2023. Gross margin decreased to 24.1%for the year ended December 31, 2024, compared to 24.3% for the same period in 2023.
Previous report
Selling, general and administrative expenses were $38.6 million for the year ended December 31, 2024, a decrease of$0.5 million or 1.3% compared to the same period in 2023. As a percentage of revenues, these expenses decreased to 3.4% for the year ended December 31, 2023, compared to 3.6% for the year ended December 31, 2023.
Previous report
Interest income and interest expense increased in 2024 compared to 2023 due to an increase in the variable interest rates.
Previous report
The repurchase program, initiated on September 13, 2022, to repurchase up to $350 million in value, but not more than 7.0 million shares of common stock through September 13, 2024, has been completed. During 2024, we repurchased 850,528 shares under the repurchase program at a weighted average purchase price of $113.63 for a total value of $96.6 million.
Previous report
Repurchases under the programs may take place in the open market or in privately negotiated transactions, including derivative transactions, and may be made under a Rule 10 b 5-1 plan.
Reworded paragraphs (63)
Previous wording
Euronet is a leading financial technology solutions and payments provider. We offer payment and transaction processingand distribution solutions to financial institutions, retailers, service providers and individual consumers. Our primary product offerings include comprehensive ATM, POS, card outsourcing, card issuing and merchant acquiring services, software solutions, electronic distribution of prepaid mobile airtime and other electronic payment products, foreign currency exchange services and global money transfer services. We operate in the following three segments:
Current wording
Euronet is a leading financial technology solutions and payments provider. We offer payment and transaction processing and distribution solutions to financial institutions, retailers, service providers and individual consumers. Our primary product offerings include comprehensive ATM, POS, card outsourcing, card issuing and merchant acquiring services, software solutions, electronic distribution of prepaid mobile airtime and other electronic payment products, foreign currency exchange services and global money transfer services. We operate in the following three segments:
Previous wording
1)Our Electronic Funds Transfer (EFT) segment meets the needs of financial institutions and consumers through Euronet-owned and outsourced ATMs and POS terminals combined with value added and transaction processing services. We deploy and operate our own ATMs, providing ATM services for financial institutions and providing electronic payment processing solutions. EFT offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems. Transactions processed span a network of 55,248 ATMs, as of December 31, 2024, and approximately 1,160,000 POS terminals.
Current wording
Our Electronic Funds Transfer (EFT) segment meets the needs of financial institutions and consumers through Euronet-owned and outsourced ATMs and POS terminals combined with value added and transaction processing services. We deploy and operate our own ATMs, providing ATM services for financial institutions and providing electronic payment processing solutions. EFT offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems. Transactions processed span a network of 56,818 ATMs, as of December 31, 2025, and approximately 610,000 POS terminals.
Previous wording
2)Our epay segment provides retail payment solutions and delivers innovative connections between the digital content of the world’s leading brands and consumers. epay hasone of the largest retail networks across Europe and Asia for the distribution of physical and digital third-party content, including branded payments, mobile, and alternative payments, partnering with 1,000+ of the world’s leading brands. In addition, through our own products, we have leveraged our technology to solve business challenges, delivering scalable solutions to drive efficiency and effectiveness. Our comprehensive range of consumer products simplifies transactions and provides financial convenience across a wide range of branded payments. epay operates in 64 countries. We operate a network that includes approximately 777,000 POS terminals that enable electronic processing of prepaid mobile airtime "top-up" services and other digital media content.
Current wording
Our epay segment provides retail payment solutions and delivers innovative connections between the digital content of the world’s leading brands and consumers. epay has one of the largest retail networks across Europe and Asia for the distribution of physical and digital third-party content, including branded payments, mobile, and alternative payments, partnering with 1,000+ of the world’s leading brands. In addition, through our own products, we have leveraged our technology to solve business challenges, delivering scalable solutions to drive efficiency and effectiveness. Our comprehensive range of consumer products simplifies transactions and provides financial convenience across a wide range of branded payments. epay operates in 66 countries. We operate a network that includes approximately 749,000 POS terminals that enable electronic processing of prepaid mobile airtime "top-up" services and other digital media content.
Previous wording
Our Money Transfer segment provides global money transfers and currency exchange information in retail stores, apps, and websites through Ria Money Transfer, Xe and the Dandelion cross-border real-time payments network. Euronet’s Money Transfer segment offers real-time, cross-border payments to consumers and businesses across 197 countries and territories, enabling banks, fintechs and big tech platforms to integrate an international payments solution into their own platforms. Ria Money Transfer offers real-time international money transfers with a special focus on emerging markets. In addition, Ria offers safe and affordable money transfers through a global network of cash locations and online, serving over 20 million customers annually. Xe offers web and app-based currency information and industry-leading consumer and business cross-border money transfer services. Customers can send money, buy property overseas, and execute other international payments via the Xe website or app. Dandelion offers consumer and business transaction processing and fulfillment with alternative payout channels like bank accounts, cash pick-up and mobile wallets. Dandelion powers cross-border payments for Xe and Ria, as well as third party banks, fintechs, and big tech platforms.
Current wording
Our Money Transfer segment provides global money transfers and currency exchange information in retail stores, apps, and websites through Ria Money Transfer, Xe and the Dandelion cross-border real-time payments network. Euronet’s Money Transfer segment offers real-time, cross-border payments to consumers and businesses across 207 countries and territories, enabling banks, fintechs and big tech platforms to integrate an international payments solution into their own platforms. Ria Money Transfer offers real-time international money transfers with a special focus on emerging markets. In addition, Ria offers safe and affordable money transfers through a global network of cash locations and online. Xe offers web and app-based currency information and industry-leading consumer and business cross-border money transfer services. Customers can send money, buy property overseas, and execute other international payments via the Xe website or app. Dandelion offers consumer and business transaction processing and fulfillment with alternative payout channels like bank accounts, cash pick-up and mobile wallets. Dandelion powers cross-border payments for Xe and Ria, as well as third party banks, fintechs, and big tech platforms.
Previous wording
We havesix processing centers in Europe, five in Asia Pacific andtwo in North America. We have 35 principal offices in Europe,14 in Asia Pacific,10 in North America, three in the Middle East, two in South America andthree in Africa. Our executive offices are located in Leawood, Kansas, USA. With approximately 76% of our revenues denominated in currencies other than the U.S. dollar, any significant changes in foreign currency exchange rates will likely have a significant impact on our results of operations (for a further discussion, see Item 1 A - Risk Factors and Item 7 A - Quantitative and Qualitative Disclosures About Market Risk).
Current wording
We have six processing centers in Europe, five in Asia Pacific and two in North America. We have 36 principal offices in Europe,15 in Asia Pacific,11 in North America, four in the Middle East, three in South America andthree in Africa. Our executive offices are located in Leawood, Kansas, USA. With approximately 76% of our revenues denominated in currencies other than the U.S. dollar, any significant changes in foreign currency exchange rates will likely have a significant impact on our results of operations (for a further discussion, see Item 1A - Risk Factors and Item 7A - Quantitative and Qualitative Disclosures About Market Risk).
Previous wording
EFT Processing Segment — Revenues in the EFT Processing Segment, which represented approximately 29% of total consolidated revenues for the year ended December 31, 2024, are derived from fees charged for transactions made by cardholders on our proprietary network of ATMs, fixed management fees and transaction fees we charge to customers for operating ATMs and processing debit and credit cards under outsourcing and cross-border acquiring agreements, foreign currency exchange margin on DCC transactions, domestic and international surcharge, foreign currency dispensing and other value added services such as advertising, prepaid telecommunication recharges, bill payment, and money transfers provided over ATMs. Revenues in this segment are also derived from cardless payments, banknote recycling, tax refund services, license fees, professional services and maintenance fees for proprietary application software and sales of related hardware.
Current wording
EFT Processing Segment — Revenues in the EFT Processing Segment, which represented approximately 30% of total consolidated revenues for the year ended December 31, 2025, are derived from fees charged for transactions made by cardholders on our proprietary network of ATMs, fixed management fees and transaction fees we charge to customers for operating ATMs and processing debit and credit cards under outsourcing and cross-border acquiring agreements, merchant acquiring services, foreign currency exchange margin on DCC transactions, domestic and international surcharge, foreign currency dispensing and other value added services such as advertising, prepaid telecommunication recharges, bill payment, and money transfers provided over ATMs. Revenues in this segment are also derived from cardless payments, banknote recycling, tax refund services, license fees, professional services and maintenance fees for proprietary application software and sales of related hardware.
Previous wording
epay Segment — Revenues in the epay Segment, which represented approximately 29% of total consolidated revenues for the year ended December 31, 2024, are primarily derived from commissions or processing fees received from mobile phone operators for the processing and distribution of prepaid mobile airtime and commissions earned from the distribution of other electronic content, vouchers, and physical gifts. The proportion of epay Segment revenues earned from the distribution of prepaid mobile phone time as compared with other electronic products has decreased over time, and digital media content now produces approximately 68% of epay Segment revenues. Other electronic content offered by this segment includes digital content such as music, games, and software, as well as other products including prepaid long distance calling card plans, prepaid Internet plans, prepaid debit cards, gift cards, vouchers, transport payments, lottery payments, bill payment, and money transfer.
Current wording
epay Segment — Revenues in the epay Segment, which represented approximately 28% of total consolidated revenues for the year ended December 31, 2025, are primarily derived from commissions or processing fees received from mobile phone operators for the processing and distribution of prepaid mobile airtime and commissions earned from the distribution of other electronic content, vouchers, and physical gifts. The proportion of epay Segment revenues earned from the distribution of prepaid mobile phone time as compared with other electronic products has decreased over time, and digital media content now produces approximately 73% of epay Segment revenues. Other electronic content offered by this segment includes digital content such as music, games, and software, as well as other products including prepaid long distance calling card plans, prepaid Internet plans, prepaid debit cards, gift cards, vouchers, transport payments, lottery payments, bill payment, and money transfer.
Previous wording
Money Transfer Segment — Revenues in the Money Transfer Segment, which represented approximately 42% of total consolidated revenues for the year ended December 31, 2024, are primarily derived from transaction fees, as well as the margin earned from purchasing foreign currencyat wholesale exchange rates and selling the foreign currency to customers at retail exchange rates. We have a sending agent network in place comprised of agents, customer service representatives, Company-owned stores, primarily in North America, Europe and Malaysia, Ria, and xe branded websites, along with a worldwide network of correspondent agents, consisting primarily of financial institutions in the transfer destination countries. Under the brand "Dandelion", Ria offers payment processing services to third party partners. The Dandelion cross-border payments platform provides financial institutions, fintechs such as digital wallets and banks, and enterprise software companies access to Euronet's money transfer network through an API connection. Sending and correspondent agents each earn fees for cash collection and distribution services, which are recognized as direct operating costs at the time of sale.
Current wording
Money Transfer Segment — Revenues in the Money Transfer Segment, which represented approximately 42% of total consolidated revenues for the year ended December 31, 2025, are primarily derived from transaction fees, as well as the margin earned from purchasing foreign currency at wholesale exchange rates and selling the foreign currency to customers at retail exchange rates. We have a sending agent network in place comprised of agents, customer service representatives, Company-owned stores, primarily in North America, Europe and Malaysia, Ria, and xe branded websites, along with a worldwide network of correspondent agents, consisting primarily of financial institutions in the transfer destination countries. Under the brand "Dandelion", Ria offers payment processing services to third party partners. The Dandelion cross-border payments platform provides financial institutions, fintechs such as digital wallets and banks, and enterprise software companies access to Euronet's money transfer network through an API connection. Sending and correspondent agents each earn fees for cash collection and distribution services, which are recognized as direct operating costs at the time of sale.
Previous wording
2)The epay Segment opportunities include renewing existing and negotiating new agreements in target markets in which we operate, primarily with mobile operators, digital content providers, financial institutions, and retailers. The overall growth rate in the prepaid mobile phone and digital media content markets, shifts between prepaid and postpaid services, and our market share in those respective markets will have a significant impact on our ability to maintain and grow the epay Segment revenues. There is significant competition in these markets that may impact our ability to grow organically and increase the margin we earn and the margin that we pay to retailers. The profitability of the epay Segment is dependent on our ability to adapt to new technologies that may compete with POS distribution of digital content and prepaid mobile airtime, as well as our ability to leverage cross-selling opportunities with our EFT and Money Transfer Segments. The epay Segment opportunities may be impacted by government-imposed restrictions on retailers and/or content providers with whom we partner in countries in which we have a presence, and corresponding licensure requirements mandated upon such parties to legally operate in such countries.
Current wording
The epay Segment opportunities include renewing existing and negotiating new agreements in target markets in which we operate, primarily with mobile operators, digital content providers, financial institutions, and retailers. The overall growth rate in the prepaid mobile phone and digital media content markets, shifts between prepaid and postpaid services, and our market share in those respective markets will have a significant impact on our ability to maintain and grow the epay Segment revenues. There is significant competition in these markets that may impact our ability to grow organically and increase the margin we earn and the margin that we pay to retailers. The profitability of the epay Segment is dependent on our ability to adapt to new technologies that may compete with POS distribution of digital content and prepaid mobile airtime, as well as our ability to leverage cross-selling opportunities with our EFT and Money Transfer Segments. The epay Segment opportunities may be impacted by government-imposed restrictions on retailers and/or content providers with whom we partner in countries in which we have a presence, and corresponding licensure requirements mandated upon such parties to legally operate in such countries.
Previous wording
Our annual consolidated revenues increased by 8.2% for 2024 compared to 2023. The increase in revenues for 2024 was primarilydue to the increases in transaction volumes across allthree segments.
Current wording
Our annual consolidated revenues increased by 6.4% for 2025 compared to 2024. The increase in revenues for 2025 was primarily due to the increases in transaction volumes across all three segments.
Previous wording
Our annual consolidated operating income increased by 16.3% for 2024 compared to 2023. The increase in operating income for 2024 was primarily due to the increases in transaction volumes across allthree segments.
Current wording
Our annual consolidated operating income increased by 5.3% for 2025 compared to 2024. The increase in operating income for 2025 was primarily due to the increases in transaction volumes across all three segments.
Previous wording
Net income attributable to Euronet for 2024 was$306.0 million, or$6.45 per diluted share compared to a net income attributable to Euronet for 2023 of $279.7 million, or $5.50 per diluted share.
Current wording
Net income attributable to Euronet for 2025 was $309.5 million, or $6.84 per diluted share compared to a net income attributable to Euronet for 2024 of $306.0 million, or $6.45 per diluted share.
Previous wording
Our revenues and local expenses are recorded in the functional currencies of our operating entities and then are translated into U.S. dollars for reporting purposes; therefore, amounts we earn outside the U.S. are negatively impacted by a stronger U.S. dollar and positively impacted by a weaker U.S. dollar. Considering the results by country and the associated functional currency, our 2024 consolidated operating income was approximately 0.1% higher due to changes in foreign currency exchange rates when compared to 2023. If significant, in our discussion we will refer to the impact of fluctuations in foreign currency exchange rates in our comparison of operating segment results.
Current wording
Our revenues and local expenses are recorded in the functional currencies of our operating entities and then are translated into U.S. dollars for reporting purposes; therefore, amounts we earn outside the U.S. are negatively impacted by a stronger U.S. dollar and positively impacted by a weaker U.S. dollar. Considering the results by country and the associated functional currency, our 2025 consolidated operating income was approximately 4.1% higher due to changes in foreign currency exchange rates when compared to 2024. If significant, in our discussion we will refer to the impact of fluctuations in foreign currency exchange rates in our comparison of operating segment results.
Previous wording
EFT Processing Segment total revenues were$1,161.2 million for the year ended December 31, 2024, anincrease of$102.9 million or 9.7%compared to the same period in 2023. Revenues increased for the year ended December 31, 2024 compared to the same period in 2023 due to an increase in average active ATMs, an increase in our most profitable international transactions driven by cross-border recovery levels, corresponding DCC and surcharge revenues and continued expansion to new markets. Foreign currency movements increased revenues by approximately$1.2 millionfor the year ended December 31, 2024, compared to the same period in 2023.
Current wording
EFT Processing Segment total revenues were $1,283.7 million for the year ended December 31, 2025, an increase of $122.5 million or 10.5% compared to the same period in 2024. Revenues increased for the year ended December 31, 2025 compared to the same period in 2024 due to an increase in average active ATMs, an increase in our most profitable international transactions driven by cross-border recovery levels, corresponding DCC and surcharge revenues and continued expansion to new markets. Foreign currency movements increased revenues by approximately $43.9 million for the year ended December 31, 2025, compared to the same period in 2024.
Previous wording
Revenue per transaction was $0.10 for the year ended December 31, 2024, compared to $0.12 for the same period in 2023. The decrease in revenue per transaction was driven by an increase in high volume low value transactions initiated through digital wallets.
Current wording
Revenue per transaction was $0.08 and $0.10 for the year ended December 31, 2025 and 2024, respectively. The decrease in revenue per transaction is due to an increase in processing digital transactions with a high volume and a low value per transaction.
Previous wording
Average monthly revenues per ATMincreased to$1,881 for the year ended December 31, 2024 compared to $1,797 for the same period in 2023.
Current wording
Average monthly revenues per ATM increased to $1,986 for the year ended December 31, 2025 compared to $1,881 for the same period in 2024.
Previous wording
EFT Processing Segment direct operating costs were$605.4 million for the year ended December 31, 2024, anincrease of$33.3 million or 5.8%compared to the same period in 2023. Direct operating costs primarily consist of site rental fees, cash delivery costs, cash supply costs, maintenance, insurance, telecommunications, payment scheme processing fees, data center operations-related personnel, as well as the processing centers’ facility-related costs and other processing center-related expenses and commissions paid to retail merchants, banks and card processors involved with POS DCC transactions. For the year ended December 31, 2024, theincrease in direct operating costs was primarily due to theincrease in transaction volumes, and costs associated with modifying our estate of ATMs. Foreign currency movements increased direct operating costs by approximately $0.4 million for the year ended December 31, 2024 compared to the same period in 2023.
Current wording
EFT Processing Segment direct operating costs were $673.4 million for the year ended December 31, 2025, an increase of $68.0 million or 11.2% compared to the same period in 2024. Direct operating costs primarily consist of site rental fees, cash delivery costs, cash supply costs, maintenance, insurance, telecommunications, payment scheme processing fees, data center operations-related personnel, as well as the processing centers’ facility-related costs and other processing center-related expenses and commissions paid to retail merchants, banks and card processors involved with POS DCC transactions. For the year ended December 31, 2025, the increase in direct operating costs was primarily due to the increase in transaction volumes, and costs associated with modifying our estate of ATMs. Foreign currency movements increased direct operating costs by approximately $23.2 million for the year ended December 31, 2025 compared to the same period in 2024.
Previous wording
Gross profit, which is calculated as revenues less direct operating costs, was$555.8 millionfor the year ended December 31, 2024, an increase of $69.6 million or 14.3% compared to$486.2 million for the same period in 2023. Gross profit as a percentage of revenues (“gross margin”) increased to 47.9%for the year ended December 31, 2024, compared to 45.9%for the same period in 2023. For the year ended December 31, 2024, the increase in gross profit was primarily driven by the revenue increase from additional transaction volumes into new geographies.
Current wording
Gross profit, which is calculated as revenues less direct operating costs, was $610.3 million for the year ended December 31, 2025, an increase of $54.5 million or 9.8% compared to $555.8 million for the same period in 2024. Gross profit as a percentage of revenues (“gross margin”)decreased to 47.5% for the year ended December 31, 2025, compared to 47.9% for the same period in 2024. For the year ended December 31, 2025, the decrease in gross profit was primarily driven by the increase of low-margin digital transactions.
Previous wording
Salaries and benefits expenses were $146.8 million for the year ended December 31, 2024, an increase of$20.3 million or 16.0% compared to the same period in 2023. The increase in salaries and benefits for the year ended December 31, 2024 compared to the same period in 2023 was primarily driven by an increased headcount. As a percentage of revenues, these expenses increased to 12.6% for the year ended December 31, 2024, compared to 12.0%forthe same period in 2023.
Current wording
Salaries and benefits expenses were $165.6 million for the year ended December 31, 2025, an increase of $18.8 million or 12.8% compared to the same period in 2024. The increase in salaries and benefits for the year ended December 31, 2025 compared to the same period in 2024 was primarily driven by an increase in headcount and wage increases. As a percentage of revenues, these expenses increased to 12.9% for the year ended December 31, 2025, compared to 12.6% for the same period in 2024.
Previous wording
EFT Processing Segment had operating income of$256.0 million for the year ended December 31, 2024, compared to operating income of $206.3 million in 2023, an increase of $49.7 million compared to the same period in 2023. Operating income as a percentage of revenues (“operating margin”) increased to 22.0% for the year ended December 31, 2024, compared to 19.5% for the same period in 2023. Operating income per transaction was$0.02 for the year ended December 31, 2024 and 20023, respectively. The increase in operating incomewas primarily driven by the increase in transactions.
Current wording
EFT Processing Segment had operating income of $278.8 million for the year ended December 31, 2025, compared to operating income of $256.0 million in 2024, an increase of $22.8 million compared to the same period in 2024. Operating income as a percentage of revenues (“operating margin”) decreased to 21.7% for the year ended December 31, 2025, compared to 22.0% for the same period in 2024. Operating income per transaction was $0.02 in both periods. The increase in operating income was primarily driven by the increase in transactions.
Previous wording
epay Segment total revenues were $1,150.5 million for the year ended December 31, 2024, an increase of $68.1 million or 6.3% compared to the same period in 2023. Foreign currency movements decreased revenues by approximately$1.4 millionfor the year ended December 31, 2024, compared to the same period in 2023. The increase in revenues was driven by continued expansion of digital media and mobile sales. Revenues per transaction decreased to$0.26 for the year ended December 31, 2024, compared to$0.29 for the same period in 2023.
Current wording
epay Segment total revenues were $1,187.6 million for the year ended December 31, 2025, an increase of $37.1 million or 3.2% compared to the same period in 2024. Foreign currency movements increased revenues by approximately $26.0 million for the year ended December 31, 2025, compared to the same period in 2024. The increase in revenues was driven by continued expansion of digital media and mobile sales. Revenue per transaction was $0.26 in both periods.
Previous wording
epay Segment direct operating costs were$872.7 million for the year ended December 31, 2024, an increase of$53.6 million or 6.5% compared to the same period in 2023. Direct operating costs primarily consist of the commissions paid to retail merchants for the distribution and sale of prepaid mobile airtime and other prepaid products, expenses incurred to operate POS terminals and the cost of vouchers sold and physical gifts fulfilled. The increase in direct operating costs was primarily due to an increase in cost for transaction volumes of low-value mobile top-up transactions and an increase in retailer commissions. Foreign currency movements decreased these expenses by $0.9 million for the year ended December 31, 2024, compared to the same period in 2023.
Current wording
epay Segment direct operating costs were $891.8 million for the year ended December 31, 2025, an increase of $19.1 million or 2.2% compared to the same period in 2024. Direct operating costs primarily consist of the commissions paid to retail merchants for the distribution and sale of prepaid mobile airtime and other prepaid products, expenses incurred to operate POS terminals and the cost of vouchers sold and physical gifts fulfilled. Foreign currency movements increased these expenses by $19.9 million for the year ended December 31, 2025, compared to the same period in 2024.
Previous wording
Depreciation and amortization expenses were $97.9 million for the year ended December 31, 2024, an increase of$3.3 million or 3.5%compared to the same period in 2023. As a percentage of revenues, these expenses decreased to 8.4% for the year ended December 31, 2024, compared to 8.9% for the same period in 2023.
Current wording
Salaries and benefits expenses were $108.6 million for the year ended December 31, 2025, an increase of $6.6 million or 6.5% compared to the same period in 2024. The increase in salaries and benefits was primarily driven by an increase in headcount and wage increases in 2025. As a percentage of revenues, these expenses increased to 9.1% for the year ended December 31, 2025, compared to 8.9% for the year ended December 31, 2024.
Previous wording
Depreciation and amortization expenses were $7.3 million for the year ended December 31, 2024, an increase of$0.4 million or 5.8%compared to the same period in 2023. Depreciation and amortization expense primarily represents depreciation of POS terminals we install in retail stores and amortization of acquired intangible assets. As a percentage of revenues, these expenses were 0.6% for the year ended December 31, 2024, and 2023, respectively.
Current wording
Depreciation and amortization expenses were $6.3 million for the year ended December 31, 2025, a decrease of $1.0 million or 13.7% compared to the same period in 2024. Depreciation and amortization expense primarily represents depreciation of POS terminals we install in retail stores and amortization of acquired intangible assets.
Previous wording
epay Segment operating income was $129.9 million for the year ended December 31, 2024, an increase of$3.7 million or 2.9% compared to the same period in 2023. Operating margin decreased to 11.3% for the year ended December 31, 2024, compared to 11.7% for the same period in 2023. Operating income per transaction was$0.03 for the year ended December 31, 2024, and 2023, respectively. The increase in operating incomewas primarily driven by the increase in transactions.
Current wording
epay Segment operating income was $136.2 million for the year ended December 31, 2025, an increase of $6.3 million or 4.8% compared to the same period in 2024. Operating margin increased to 11.5% for the year ended December 31, 2025, compared to 11.3% for the same period in 2024. Operating income per transaction was $0.03 in both periods. The increase in operating income was primarily driven by the increase in transactions.
Previous wording
Money Transfer Segment total revenues were $1,686.5 million for the year ended December 31, 2024, an increase of $131.3 million or 8.4% compared to the same period in 2023. The increase in revenueswas the result of 12% growth in U.S.-outbound transactions,11% growth in international-originated money transfers and 16% growth in xe transactions, partially offset by a 14% decline in the intra-U.S. business. These transaction growth rates include 28% growth in direct-to-consumer digital transactions. Revenues per transaction decreased to$9.53 for the year ended December 31, 2024, compared to$9.62 for the same period in 2023. Foreign currency movements did not significantly impact revenues year-over-year.
Current wording
Money Transfer Segment total revenues were $1,782.4 million for the year ended December 31, 2025, an increase of $95.9 million or 5.7% compared to the same period in 2024. The increase in revenues was the result of 3.3% growth in U.S.-originated transactions and 5.2% growth in international-originated money transfers. These transaction growth rates include 30.8% growth in direct-to-consumer digital transactions. Revenues per transaction increased to $9.72 for the year ended December 31, 2025, compared to $9.53 for the same period in 2024. Foreign currency movements increased revenues by approximately $34.5 million for the year ended December 31, 2025, compared to the same period in 2024.
Previous wording
Money Transfer Segment direct operating costs were $919.7 million for the year ended December 31, 2024, an increase of $80.2 million compared to the same period in 2023. Direct operating costs primarily consist of commissions paid to agents who originate money transfers on our behalf and correspondent agents who disburse funds to the customers’ destination beneficiaries, together with less significant costs, such as bank depository fees. The increase in direct operating costs was primarily due to the increase in the number of U.S. outbound and international-originated money transfer transactions and corresponding increase in agent commissions. Foreign currency movements did not significantly impact direct operating costs year-over-year.
Current wording
Money Transfer Segment direct operating costs were $934.9 million for the year ended December 31, 2025, an increase of $15.2 million compared to the same period in 2024. Direct operating costs primarily consist of commissions paid to agents who originate money transfers on our behalf and correspondent agents who disburse funds to the customers’ destination beneficiaries, together with less significant costs, such as bank depository fees. The increase in direct operating costs was primarily due to the increase in the number of U.S.- and international-originated money transfer transactions and corresponding increase in agent commissions. Foreign currency movements increased revenues by approximately $17.7 million for the year ended December 31, 2025, compared to the same period in 2024.
Previous wording
Gross profit was$766.8 millionfor the year ended December 31, 2024, an increase of $51.1 million or 7.1% compared to$715.7 million for the same period in 2023. Gross margin decreased to 45.5%for the year ended December 31, 2024, compared to 46.0% for the same period in 2023. The increase in gross profit was primarily attributable to the increase in transaction volume and relative decrease of agent commissionsfor the year ended December 31, 2024.
Current wording
Gross profit was $847.5 million for the year ended December 31, 2025, an increase of $80.7 million or 10.5% compared to $766.8 million for the same period in 2024. Gross margin increased to 47.5% for the year ended December 31, 2025, compared to 45.5% for the same period in 2024. The increase in gross profit was primarily attributable to the increase in transaction volume and relative decrease of agent commissions for the year ended December 31, 2025.
Previous wording
Salaries and benefits expenses were $102.0 million for the year ended December 31, 2024, an increase of$10.9 million or 12.0% compared to the same period in 2023. The increase in salaries and benefits was primarily driven by an increase in headcount to support the growth of the business. As a percentage of revenues, these expenses increased to 8.9% for the year ended December 31, 2024, compared to 8.4% for the year ended December 31, 2023.
Current wording
Salaries and benefits expenses were $361.1 million for the year ended December 31, 2025, an increase of $27.7 million or 8.3% compared to the same period in 2024. The increase in salaries and benefits was primarily driven by an increase in headcount to support the growth of the business. As a percentage of revenues, these expenses increased to 20.3% for the year ended December 31, 2025, compared to 19.8% for the same period in 2024.
Previous wording
Selling, general and administrative expenses were $206.4 million for the year ended December 31, 2024, an increase of$17.6 million or 9.3% compared to the same period in 2023. The increase in these expenses was primarily driven by an increase in advertising and promotions, bad debt expenses, product hardware, software, rent and utilities and travel-related expenses, partially offset by a decrease in professional fees. As a percentage of revenues, these expenses increased to 12.2% for the year ended December 31, 2024, compared to 12.1% for the same period in 2023.
Current wording
Selling, general and administrative expenses were $254.3 million for the year ended December 31, 2025, an increase of $47.9 million or 23.2% compared to the same period in 2024. The increase in these expenses was primarily driven by an increase in advertising and promotions, bad debt expenses, product hardware, software, rent and utilities and travel-related expenses, partially offset by a decrease in professional fees. As a percentage of revenues, these expenses increased to 14.3% for the year ended December 31, 2025, compared to 12.2% for the same period in 2024.
Previous wording
Depreciation and amortization expenses were $26.0 million for the year ended December 31, 2024, a decrease of$5.0 million or 16.1%compared to the same period in 2023. Depreciation and amortization primarily represent amortization of acquired intangible assets and depreciation of money transfer terminals, computers and software, leasehold improvements, and office equipment. As a percentage of revenues, these expenses decreased to 1.5%for the year ended December 31, 2024, compared to 2.0% for the same period in 2023.
Current wording
Depreciation and amortization expenses were $24.9 million for the year ended December 31, 2025, a decrease of $1.1 million or 4.2% compared to the same period in 2024. Depreciation and amortization primarily represent amortization of acquired intangible assets and depreciation of money transfer terminals, computers and software, leasehold improvements, and office equipment. As a percentage of revenues, these expenses decreased to 1.4% for the year ended December 31, 2025, compared to 1.5% for the same period in 2024.
Previous wording
Money Transfer Segment operating income was $201.0 million for the year ended December 31, 2024, an increase of$15.6 million or 8.4% compared to the same period in 2023. Operating margin was 11.9% for the year ended December 31, 2024 and 2023, respectively. Operating income per transaction decreased to$1.14 for the year ended December 31, 2024, compared to $1.15 for the same period in 2023. The increase in operating income for the year ended December 31, 2024 compared to the same period in 2023 was primarily driven by the increase in transaction volume.
Current wording
Money Transfer Segment operating income was $207.2 million for the year ended December 31, 2025, an increase of $6.2 million or 3.1% compared to the same period in 2024. Operating margin was 11.6% for the year ended December 31, 2025, compared to 11.9% for the same period in 2024, respectively. Operating income per transaction decreased to $1.13 for the year ended December 31, 2025, compared to $1.14 for the same period in 2024. The increase in operating income for the year ended December 31, 2025 compared to the same period in 2024 was primarily driven by the increase in transaction volume.
Previous wording
Total Corporate operating expenses were $83.8 million for the year ended December 31, 2024, a decrease of $1.5 million or 1.8%, compared to the same period in 2023. The decrease was primarily due to a decrease in share-based compensation and bonuses for the year ended December 31, 2024, compared to the same period in 2023.
Current wording
Total Corporate operating expenses were $92.4 million for the year ended December 31, 2025, an increase of $8.7 million or 10.4%, compared to the same period in 2024. The increase was primarily due to an increase in share-based compensation and bonuses for the year ended December 31, 2025, compared to the same period in 2024.
Previous wording
Foreign currency exchange activity includes gains and losses on certain foreign currency exchange derivative contracts and the impact of re-measurement of assets and liabilities denominated in foreign currencies. Assets and liabilities denominated in currencies other than the local currency of each of our subsidiaries give rise to foreign currency exchange gains and losses. Foreign currency exchange gains and losses that result from re-measurement of these assets and liabilities are recorded in net income. The majority of our foreign currency exchange gains or losses are due to the re-measurement of intercompany loans which are not considered a long-term investment in nature and are in a currency other than the functional currency ofone of the parties to the loan. For example, we make intercompany loans based in euros from our corporate division, which is composed of U.S. dollar functional currency entities, to certain European entities that use the euro as the functional currency. As the U.S. dollar strengthens against the euro, foreign currency exchange losses are recognized by our corporate entities because the number of euros to be received in settlement of the loans decreases in U.S. dollar terms. Conversely, in this example, in periods where the U.S. dollar weakens, our corporate entities will record foreign currency exchange gains.
Current wording
Foreign currency exchange activity includes gains and losses on certain foreign currency exchange derivative contracts and the impact of re-measurement of assets and liabilities denominated in foreign currencies. Assets and liabilities denominated in currencies other than the local currency of each of our subsidiaries give rise to foreign currency exchange gains and losses. Foreign currency exchange gains and losses that result from re-measurement of these assets and liabilities are recorded in net income. The majority of our foreign currency exchange gains or losses are due to the re-measurement of intercompany loans which are not considered a long-term investment in nature and are in a currency other than the functional currency of one of the parties to the loan. For example, we make intercompany loans based in euros from our corporate division, which is composed of U.S. dollar functional currency entities, to certain European entities that use the euro as the functional currency. As the U.S. dollar strengthens against the euro, foreign currency exchange losses are recognized by our corporate entities because the number of euros to be received in settlement of the loans decreases in U.S. dollar terms. Conversely, in this example, in periods where the U.S. dollar weakens, our corporate entities will record foreign currency exchange gains.
Previous wording
We recorded a net foreign currency exchange loss of$19.1 million for the year ended December 31, 2024, compared to a net foreign currency exchange gain of $8.0 million for the same period in 2023. These realized and unrealized foreign currency exchange gains and losses reflect the fluctuation in the value of the U.S. dollar against the currencies of the countries in which we operated during the respective periods.
Current wording
We recorded a net foreign currency exchange loss of $25.2 million for the year ended December 31, 2025, compared to a net foreign currency exchange loss of $19.1 million for the same period in 2024. These realized and unrealized foreign currency exchange losses reflect the fluctuation in the value of the U.S. dollar against the currencies of the countries in which we operated during the respective periods.
Previous wording
We calculate our effective income tax rate by dividing income tax expense by pre-tax book income. Our effective income tax rates were 31.8% and 30.2% for the years ended December 31, 2024 and 2023, respectively. The effective income tax rates were influenced by the impact of foreign currency exchange gains (losses). Excluding foreign currency exchange gains (losses) as well as the related tax effects for these items, our adjusted effective income tax rates were 30.0% and 32.0% for the years ended December 31, 2024 and 2023, respectively.
Current wording
We calculate our effective income tax rate by dividing income tax expense by pre-tax book income. Our effective income tax rates were 30.2% and 31.8% for the years ended December 31, 2025 and 2024, respectively. The effective income tax rates were influenced by the impact of foreign currency exchange gains (losses). Excluding foreign currency exchange gains (losses) as well as the related tax effects for these items, our adjusted effective income tax rates were 25.1% and 30.0% for the years ended December 31, 2025 and 2024, respectively.
Previous wording
The effective income tax rate, as adjusted, for 2024 was higher than the applicable statutory income tax rate of 21% primarily because of certain foreign earnings being subject to higher local statutory tax rates. The effective income tax rate, as adjusted, for 2023 was higher than the applicable statutory income tax rate of 21%primarily because of the projected utilization of U.S. tax benefits, and certain foreign earnings being subject to higher local statutory tax rates. We determine income tax expense based upon enacted tax laws applicable in each of the taxing jurisdictions where we conduct business. Based on our interpretation of such laws and considering the evidence of available facts and circumstances and baseline operating forecasts, we have accrued the estimated income tax effects of certain transactions, business ventures, contract and organizational structures, and the estimated future reversal of timing differences. Should a taxing jurisdiction change its laws or dispute our conclusions, or should management become aware of new facts or other evidence that could alter our conclusions, the resulting impact to our estimates could have a material adverse effect on our results of operations and financial condition.
Current wording
The effective income tax rate, as adjusted, for 2025 and 2024 was higher than the applicable statutory income tax rate of 21% primarily because of certain foreign earnings being subject to higher local statutory tax rates. We determine income tax expense based upon enacted tax laws applicable in each of the taxing jurisdictions where we conduct business. Based on our interpretation of such laws and considering the evidence of available facts and circumstances and baseline operating forecasts, we have accrued the estimated income tax effects of certain transactions, business ventures, contract and organizational structures, and the estimated future reversal of timing differences. Should a taxing jurisdiction change its laws or dispute our conclusions, or should management become aware of new facts or other evidence that could alter our conclusions, the resulting impact to our estimates could have a material adverse effect on our results of operations and financial condition.
Previous wording
Our total liability for uncertain tax positions under Accounting Standards Codification ("ASC") 740-10-25 and -30 was $48.6 million as of December 31, 2024. The application of ASC 740-10-25 and -30 requires significant judgment in assessing the outcome of future income tax examinations and their potential impact on the Company's estimated effective income tax rate and the value of deferred tax assets, such as those related to the Company's net operating loss carryforwards. It is reasonably possible that the balance of gross unrecognized tax benefits could significantly change within the next twelve months, as a result of the resolution of audit examinations and expirations of certain statutes of limitations and, accordingly, materially affect our Consolidated Financial Statements. At this time, it is not possible to estimate the range of change due to the uncertainty of potential outcomes.
Current wording
Our total liability for uncertain tax positions under Accounting Standards Codification ("ASC") 740-10-25 and -30 was $41.4 million as of December 31, 2025. The application of ASC 740-10-25 and -30 requires significant judgment in assessing the outcome of future income tax examinations and their potential impact on the Company's estimated effective income tax rate and the value of deferred tax assets, such as those related to the Company's net operating loss carryforwards. It is reasonably possible that the balance of gross unrecognized tax benefits could significantly change within the next twelve months, as a result of the resolution of audit examinations and expirations of certain statutes of limitations and, accordingly, materially affect our Consolidated Financial Statements. At this time, it is not possible to estimate the range of change due to the uncertainty of potential outcomes.
Previous wording
Net income attributable to Euronet was $306.0 million for the year ended December 31, 2024, an increase of $26.3 million compared to net income in the same period in 2023. For the year ended December 31, 2024, the increase in net income was primarily attributable to the $135.3 million increase in gross profit driven by an increase in transaction volumes across allthree segments and an increase in other gains of $21.3 million, partially offset by a $47.3 million increase in salaries and benefits, a $27.1 million foreign currency exchange loss, a $16.3 million increase in interest expensesand a $21.7 million increase in income tax expense.
Current wording
Net income attributable to Euronet was $309.5 million for the year ended December 31, 2025, an increase of $3.5 million compared to net income in the same period in 2024. For the year ended December 31, 2025, the increase in net income was primarily attributable increase in transaction volumes across all three segments.
Previous wording
We recorded a net loss on translation adjustments of$117.8 million for 2024 and a net gain of $47.9 million for 2023. In 2024, the U.S. dollar strengthened compared to key foreign currencies, resulting in translation losses which were recorded in comprehensive (loss) income. In 2023, the U.S. dollar weakened compared to key foreign currencies, resulting in translation gains which were recorded in comprehensive (loss) income.
Current wording
We recorded a net gain on translation adjustments of $258.7 million for 2025 and a net loss of $117.8 million for 2024. In 2025, the U.S. dollar weakened compared to key foreign currencies, resulting in translation gains which were recorded in comprehensive (loss) income. In 2024, the U.S. dollar strengthened compared to key foreign currencies, resulting in translation losses which were recorded in comprehensive (loss) income.
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Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Uncommitted Line of Credit - On June 20, 2025, the Company entered into an Uncommitted Loan Agreement for the sole purpose of providing vault cash for ATMs, that expires no later than June 19, 2026. This Uncommitted Line of Credit had a credit limit of $400 million on September 30, 2025 and $250 million thereafter. The loan had an outstanding balance of $250 million at December 31, 2025. The loan is a Prime Rate Loan, a Daily Term SOFR Rate Loan plus 1.00% or shall bear interest at the rate agreed to by the Bank and the Company at the time such loan is made. The weighted-average interest rate from loan inception date to December 31, 2025, was 5.53%.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Management's Discussion and Analysis of Financial Condition and Results of Operations
Previous report — wording carried elsewhere
Salaries and benefits expenses were $333.4 million for the year ended December 31, 2024, anincrease of$22.9 million or 7.4% compared to the same period in 2023. The increase in salaries and benefits was primarily driven by an increase in headcount to support the growth of the business. As a percentage of revenues, these expenses decreased to 19.8%for the year ended December 31, 2024, compared to 20.0%forthe same period in 2023.