EURONET WORLDWIDE, INC.
For the period ended Mar 31, 2026. Filed May 7, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 7, 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-Q
Period ended 2025-09-30; filed 2025-11-04.
0001554855-25-001937
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001554855-26-000931
Item 2. 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 122 previous paragraphs and 124 current paragraphs.
64 unchanged; 48 reworded; 12 added; 10 removed; 0 previous and 0 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 (12)
Current report
our ability to successfully integrate acquired businesses and to realize any anticipated synergies;
Current report
the impact of pandemics on our results of operations and financial positions;
Current report
EFT Processing Segment total revenues were $295.4 million for thethree months ended March 31, 2026, an increase of $62.9 million or 27% compared to the same period in 2025. Revenue growth was driven by continued growth in acquiring, REN infrastructure sales and contributions from the CoreCard acquisition completed in the fourth quarter of 2025. Fluctuations in foreign currency exchange rates increased revenues by approximately $17.6 million for thethree months ended March 31, 2026 compared to the same period in 2025.
Current report
Selling, general and administrative expenses were $16.6 million for the three months ended March 31, 2026, an increase of $3.7 million or 29% compared to the same period in 2025. As a percentage of revenues, these expenses increased to 5.6% for thethree months ended March 31, 2026 compared to 5.5% for the same period in 2025.
Current report
Depreciation and amortization expenses were $31.8 million for thethree months ended March 31, 2026, an increase of $7.5 million or 31% compared to the same period in 2025. As a percentage of revenues, these expenses increased to 10.8% for the three months ended March 31, 2026, compared to 10.5% for the same period in 2025.
Current report
epay Segment total revenues were $293.5 million for thethree months ended March 31, 2026, an increase of $26.1 million or 10% compared to the same period in 2025. Fluctuations in foreign currency exchange rates increased revenues by approximately $19.9 million for thethree months ended March 31, 2026 compared to the same period in 2025. Excluding the impact of foreign currency, revenue growth reflects favorable transaction mix and pricing. The decrease in transactions processed primarily relates to high‑volume, low‑revenue transactions in the Asia Pacific region and did not have a significant impact on revenues.
Current report
Salaries and benefits expenses were $28.2 million for the three months ended March 31, 2026, an increase of $4.1 million or 17% compared to the same period in 2025. As a percentage of revenues, these expenses increased to 9.6% for the three months ended March 31, 2026, compared to 9.0% for the same period in 2025. Fluctuations in foreign currency exchange rates increased salaries and benefits by approximately $1.9 million for the three months ended March 31, 2026 compared to the same period in 2025.
Current report
Selling, general and administrative expenses were $61.2 million for the three months ended March 31, 2026, an increase of $7.1 million or 13% compared to the same period in 2025. The increase in selling, general and administrative expenses was primarily driven by higher costs across all SG&A line items, with the most significant contributors being increased advertising and promotion spending and higher bad debt expense. As a percentage of revenues, these expenses increased to 14.4% for the three months ended March 31, 2026, compared to 13.0% for the same period in 2025.
Current report
Money Transfer Segment operating income was $41.9 million for the three months ended March 31, 2026, a decrease of $3.2 million or 7% compared to the same period in 2025. Operating margin was 9.9% for thethree months ended March 31, 2026, compared to 10.8% for the same period in 2025. Operating income per transaction was $0.95 for the three months ended March 31, 2026, compared to $1.01 for the same period in 2025. Operating income benefited from expanded gross margins which were utilized to increase digital marketing expenditure, resulting in reduced operating income year-over-year.
Current report
Net income attributable to Euronet was $37.5 million for thethree months ended March 31, 2026, a decrease of $0.9 million or 2% compared to the same period in 2025. The decrease in net income was primarily attributable to a $21.9 million increase in income tax expenses due to deferred tax activity on the repurchase of the 2049 Convertible Notes in the first quarter of 2025 and the $6.6 million increase in other gains (losses), pertaining to the revaluation of an investment, partially offset by $26.5 million foreign currency exchange gains (losses), which are due to the weakening of the U.S. dollar compared to our other reporting currencies.
Current report
Cash flows provided by financing activities were $441.3 million for thethree months ended March 31, 2026 compared to $162.6 million for the same period in 2025. The increase in cash flows was primarily attributable to the repayment of the 2049 Convertible Notes in 2025, which did not recur in 2026.
Current report
Capped Call Transactions - In August 2025, in connection with the issuance of the 2030 Convertible Notes, the Company entered into privately negotiated capped call transactions (the “2025 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 2030 Capped Call Transactions meet the scope exceptions for derivative instruments, and as such, the 2030 Capped Call Transactions meet the criteria for classification in equity and are included as a reduction to additional paid in capital.
Removed paragraphs (10)
Previous report
EFT Processing Segment total revenues were $409.4 million for thethree months ended September 30, 2025, an increase of $36.4 million or 10% compared to the same period in 2024. EFT Processing Segment total revenues were $980.4 million for the nine months ended September 30, 2025, an increase of $84.8 million or 9% compared to the same period in 2024. Revenue growth was driven by market expansion and the addition of access fees and interchange fees in certain markets. Additionally, this quarter experienced increased business volumes supported by a rise in tourism and the implementation of proactive pricing and rate adjustment strategies to maintain competitiveness. Fluctuations in foreign currency exchange rates increased revenues by approximately $18.7 million and $8.4 million for thethree and nine months ended September 30, 2025 compared to the same periods in 2024.
Previous report
Selling, general and administrative expenses were $13.7 million for the three months ended September 30, 2025, a decrease of $1.6 million or 10% compared to the same period in 2024. Selling, general and administrative expenses were $40.9 million for the nine months ended September 30, 2025, an increase of $2.9 million or 8% compared to the same period in 2024. The increase for the nine-month period is primarily due to a one-time refund of a duty fee in the first quarter of 2024. As a percentage of revenues, these expenses decreased to 3.3% for thethree months ended September 30, 2025 compared to 4.1% for the same period in 2024 and were flat at 4.2% fornine months ended September 30, 2025 and 2024.
Previous report
Depreciation and amortization expenses were $26.6 million for thethree months ended September 30, 2025, an increase of $1.8 million or 7% compared to the same period in 2024. Depreciation and amortization expenses were $76.9 million for thenine months ended September 30, 2025, an increase of $3.4 million or 5% compared to the same period in 2024. As a percentage of revenues, these expenses decreased to 6.5% and 7.8% for the three and nine months ended September 30, 2025, compared to 6.6% and 8.2% for the same period in 2024.
Previous report
epay Segment total revenues were $286.5 million for thethree months ended September 30, 2025, a decrease of $3.8 million or 1% compared to the same period in 2024. epay Segment total revenues were $834.0 million for thenine months ended September 30, 2025, an increase of $25.7 million or 3% compared to the same period in 2024. The decrease for the three-month period was primarily due to the discontinuation of a mobile activation product in the United States, which had a minimal impact on earnings. The increase in revenue for the nine-month period was driven by continued payments, digital media and mobile growth. Fluctuations in foreign currency exchange rates increased revenues by approximately $9.6 million for thethree months ended September 30, 2025 compared to the same period in 2024. Fluctuations in foreign currency exchange rates decreased revenues by approximately $0.3 million for thenine months ended September 30, 2025 compared to the same period in 2024.
Previous report
Salaries and benefits expenses were $28.0 million for the three months ended September 30, 2025, an increase of $1.8 million or 7% compared to the same period in 2024. Salaries and benefits expenses were $78.7 million for the nine months ended September 30, 2025, an increase of $3.3 million or 4% compared to the same period in 2024. As a percentage of revenues, these expenses increased to 9.8% and 9.4% for the three and nine months ended September 30, 2025, compared to 9.0% and 9.3% for the same period in 2024.
Previous report
Selling, general and administrative expenses were $58.1 million for the three months ended September 30, 2025, an increase of $7.3 million or 14% compared to the same period in 2024. Selling, general and administrative expenses were $172.3 million for the nine months ended September 30, 2025, an increase of $18.1 million or 12% compared to the same period in 2024. The increase in selling, general and administrative expenses are primarily attributed to higher advertising and promotions expenses and an increase in bad debt expenses. As a percentage of revenues, these expenses increased to 12.8% and 13.0% for the three and nine months ended September 30, 2025, compared to 11.6% and 12.4% for the same period in 2024.
Previous report
Money Transfer Segment operating income was $59.3 million for the three months ended September 30, 2025, an increase of $1.2 million or 2% compared to the same period in 2024. Money Transfer Segment operating income was $170.0 million for the nine months ended September 30, 2025, an increase of $27.4 million or 19% compared to the same period in 2024. Operating margin was 13.1% and 12.8% for thethree and nine months ended September 30, 2025, compared to 13.3% and 11.5% for the same periods in 2024. Operating income per transaction was $1.29 and $1.24 for the three and nine months ended September 30, 2025, compared to $1.29 and $1.10 for the same periods in 2024. Operating income increased for both the three- and nine-month periods, primarily driven by strong growth in international-originated money transfers and direct-to-consumer digital transactions, which contributed to higher gross profit and improved gross margins. These benefits were partially offset by increased salary and benefit expenses to support business growth, higher advertising and bad debt expenses, and foreign currency fluctuations.
Previous report
Net income attributable to Euronet was $122.0 million for thethree months ended September 30, 2025, a decrease of $29.5 million or 19% compared to the same period in 2024. The decrease in net income was primarily attributable to a decrease of $27.3 million in foreign currency exchange results partially offset by a $46.4 million increase in revenues. The increased revenues led to a $36.5 million increase in gross profit. The increase in gross profit was partially offset by a $17.8 million increase in salaries and benefits expense and a $4.0 million increase in selling, general and administrative expenses.
Previous report
Net income attributable to Euronet was $258.0 million for thenine months ended September 30, 2025, a decrease of $2.8 million or 1% compared to the same period in 2024. The increase in net income was primarily attributable a $40.1 million decrease in foreign currency exchange results, a $10.9 million increase in interest expenses and a $12.9 million decrease in other gains partially offset by a $193.0 million increase in revenues, largely driven by successful business operations. The increased revenues led to a $116.0 million increase in gross profit. The increase in gross profit was partially offset by a $42.7 million increase in salaries and benefits expense and a $23.5 million increase in selling, general and administrative expenses.
Previous report
Cash flows used in financing activities were $278.9 million for thenine months ended September 30, 2025 compared to cash flows provided by financing activities of $185.4 million for the same period in 2024. The increase was driven by higher net borrowings under our Credit Facility, which totaled $464.4 million for the nine months ended September 30, 2025 compared to $4.5 million for the same period in 2024. These borrowings were largely used to fund the repurchase of 2049 Convertible Notes during the current period. Additionally, we issued $1.0 billion of 2030 Convertible Notes, and the proceeds were used to repay outstanding borrowings under the Credit Facility.
Reworded paragraphs (48)
Previous wording
our expectations regarding the closing of any pending acquisitions, including the pending CoreCard acquisition;
Current wording
our expectations regarding the closing of any pending acquisitions;
Previous wording
the expected effects of changes in laws or accounting standards, including the excise tax on certain international remittances under the One Big Beautiful Bill Act (the “OBBBA”);
Current wording
the expected effects of changes in laws or accounting standards;
Previous wording
Investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Euronet's actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including the risk that any announcements relating to the CoreCard acquisition could have adverse effects on the market price of the Company’s common stock; the risk that the CoreCard acquisition and its announcement could have an adverse effect on the parties’ business relationships and business generally, including the ability of CoreCard or the Company to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally; the risk of rating agency actions and the Company’s ability to access short- and long-term debt markets on a timely and affordable basis; conditions in world financial markets and general economic conditions, including impacts from pandemics; inflation; tariffs; the war in the Ukraine and the related economic sanctions; military conflicts in the Middle East; our ability to successfully integrate any acquired operations, including CoreCard; economic conditions in specific countries and regions; technological developments affecting the market for our products and services; our ability to successfully introduce new products and services; foreign currency exchange rate fluctuations; the effects of any breach of our computer systems or those of our customers or vendors, including our financial processing networks or those of other third parties; interruptions in any of our systems or those of our vendors or other third parties; our ability to renew existing contracts at profitable rates; changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs; our ability to comply with increasingly stringent regulatory requirements, including anti-money laundering, anti-terrorism, anti-bribery, consumer and data protection and privacy; changes in laws and regulations affecting our business, including tax and immigration laws (including the OBBBA) and any laws regulating payments, including dynamic currency conversion transactions; changes in our relationships with, or in fees charged by, our business partners; competition; the outcome of claims and other loss contingencies affecting Euronet; the cost of borrowing (including fluctuations in interest rates), availability of credit and terms of and compliance with debt covenants; and renewal of sources of funding as they expire and the availability of replacement funding. These risks and other risks are described in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings may be obtained via the S…
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Current wording
Investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may materially differ from those in the forward-looking statements as a result of various factors, including but not limited to, the Company’s ability to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally; the risk of rating agency actions and the Company’s ability to access short- and long-term debt markets on a timely and affordable basis; conditions in world financial markets and general economic conditions, including impacts from pandemics or other disease outbreaks; inflation; tariffs; military conflicts in Ukraine and the Middle East and the related economic sanctions; our ability to successfully integrate any acquired operations; economic conditions in specific countries and regions; technological developments, including artificial intelligence, affecting the market for our products and services; our ability to successfully introduce new products and services; foreign currency exchange rate fluctuations; the effects of any breach of our computer systems or those of our customers or vendors, including our financial processing networks or those of other third parties; interruptions in any of our systems or those of our vendors or other third parties; our ability to renew existing contracts at profitable rates; changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs; our ability to comply with increasingly stringent regulatory requirements, including anti-money laundering, anti-terrorism, anti-bribery, sanctions, consumer and data protection and privacy and the EU’s General Data Protection Regulation and Second Revised Payment Service Directive requirements; changes in laws and regulations affecting our business, including tax and immigration laws and any laws regulating payments, including dynamic currency conversion transactions, stablecoins and digital currencies; changes in our relationships with, or in fees charged by, our business partners; competition; the outcome of claims and other loss contingencies affecting Euronet; the cost of borrowing (including fluctuations in interest rates), availability of credit and terms of and compliance with debt covenants; and renewal of sources of funding as they expire and the availability of replacement funding. These risks and other risks are described in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings may be obtained via the SEC's Edgar website or by contacting the Company. Any forward-looking statements made in this Form 10-Q speak only as of the date of this report. Except as required by la…
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Previous wording
The EFT Processing 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 56,431 installed ATMs and approximately 592,000 POS terminals. EFT operates in 64 countries.
Current wording
The EFT Processing 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 52,579 installed ATMs and approximately 608,000 POS terminals. EFT operates in 70 countries.
Previous wording
The 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 64 countries. We operate a network that includes approximately 712,000 POS terminals that enable electronic processing of prepaid mobile airtime "top-up" services and other digital media content.
Current wording
The 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 731,000 POS terminals that enable electronic processing of prepaid mobile airtime "top-up" services and other digital media content.
Previous wording
The 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 199 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. Money Transfer Segment has digital connections to 4.1 billion bank accounts,3.4 billion digital wallet accounts and 4.0 billion Visa debit cards through Visa Direct payments.
Current wording
The 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 200 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. Money Transfer Segment has digital connections to 4.1 billion bank accounts and 3.7 billion digital wallet accounts.
Previous wording
We have six processing centers in Europe, five in Asia Pacific and two 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 and three in Africa. Our executive offices are located in Leawood, Kansas, USA. With approximately 76.7% 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 in our Annual Report on Form 10-K for the year ended December 31, 2024).
Current wording
Our executive offices are located in Leawood, Kansas, USA. With approximately 74% 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 in our Annual Report on Form 10-K for the year ended December 31, 2025).
Previous wording
EFT Processing Segment — Revenues in the EFT Processing Segment, which represented approximately 36% and 31% of total consolidated revenues for thethree and nine months ended September 30, 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, 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 payment, 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 29% of total consolidated revenues for thethree months ended March 31, 2026 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 payment, 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 25% and 27% of total consolidated revenues for thethree and nine months ended September 30, 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 has decreased over time, and digital media content now produces approximately 29.1% of epay Segment revenues. Digital media 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 29% of total consolidated revenues for thethree months ended March 31, 2026 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 has decreased over time, and digital media content now produces approximately 75% of epay Segment revenues. Digital media 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 39% and 42% of total consolidated revenues for thethree and nine months ended September 30, 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.
Current wording
Money Transfer Segment — Revenues in the Money Transfer Segment, which represented approximately 42% of total consolidated revenues for thethree months ended March 31, 2026, 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
Revenues and operating income by segment for the three and nine months ended September 30, 2025 and 2024 are summarized in the tables below:
Current wording
Revenues and operating income by segment for the three months ended March 31, 2026 and 2025 are summarized in the tables below:
Previous wording
COMPARISON OF OPERATING RESULTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
Current wording
COMPARISON OF OPERATING RESULTS FOR THETHREE MONTHS ENDED MARCH, 31, 2026 AND 2025
Previous wording
The following table summarizes the results of operations for our EFT Processing Segment for the three and nine months ended September 30, 2025 and 2024:
Current wording
The following table summarizes the results of operations for our EFT Processing Segment for the three months ended March 31, 2026 and 2025:
Previous wording
EFT Processing Segment direct operating costs were $194.4 million for the three months ended September 30, 2025, an increase of $20.1 million or 12% compared to the same period in 2024. EFT Processing Segment direct operating costs were $504.8 million for the nine months ended September 30, 2025, an increase of $46.9 million or 10% 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. The primary drivers of the increase in direct costs were additional expenses required to support increased business volumes from both new and existing operations. Direct costs were also impacted by overall cost inflation in products and services. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $9.1 million and $2.5 million for thethree and nine months ended September 30, 2025 compared to the same periods in 2024.
Current wording
EFT Processing Segment direct operating costs were $175.2 million for the three months ended March 31, 2026, an increase of $38.7 million or 28% compared to the same period in 2025. 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. The primary drivers of the increase in direct costs were additional expenses required to support increased business volumes from both new (CoreCard) and existing operations. Direct costs were also impacted by overall cost inflation in products and services. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $11.9 million for thethree months ended March 31, 2026 compared to the same period in 2025.
Previous wording
Gross profit, which is calculated as revenues less direct operating costs, was $215.0 million for the three months ended September 30, 2025, an increase of $16.3 million or 8% compared to $198.7 million for the same period in 2024. Gross profit was $475.6 million for the nine months ended September 30, 2025, an increase of $37.9 million or 9% compared to $437.7 million for the same period in 2024. Gross profit as a percentage of revenues (“gross margin”)decreased to 52.5% and 48.5% for the three and nine months ended September 30, 2025, compared to 53.3% and 48.9% for the same period in 2024. The decline in gross margin was primarily driven by market expansion into countries where EFT transaction pricing is lower, resulting in reduced profitability per transaction.
Current wording
Gross profit, which is calculated as revenues less direct operating costs, was $120.2 million for the three months ended March 31, 2026, an increase of $24.2 million or 25% compared to $96.0 million for the same period in 2025. Gross profit as a percentage of revenues (“gross margin”)decreased to 40.7% for the three months ended March 31, 2026, compared to 41.3% for the same period in 2025. The decline in gross margin was primarily driven by a shift in revenue mix resulting from card activation volumes for the Bilt credit card on the CoreCard processing platform during the first quarter of 2026, which generates higher revenue at relatively lower margins.
Previous wording
Salaries and benefits expenses were $46.6 million for thethree months ended September 30, 2025, an increase of $5.3 million or 13% compared to the same period in 2024. Salaries and benefits expenses were $121.8 million for thenine months ended September 30, 2025, an increase of $14.3 million or 13% compared to the same period in 2024. The increase is primarily due to an increase in headcount to support the growth of the business and salary increases due to inflationary pressures. As a percentage of revenues, salary expense increased to 11.4% and 12.4% for the three and nine months ended September 30, 2025, compared to 11.1% and 12.0% for the same period in 2024.
Current wording
Salaries and benefits expenses were $48.4 million for thethree months ended March 31, 2026, an increase of $12.9 million or 36% compared to the same period in 2025. The increase is primarily due to the acquisition of CoreCard in the fourth quarter of 2025, an increase in headcount to support the growth of the business and salary increases due to inflationary pressures. As a percentage of revenues, salary expense increased to 16.4% for the three months ended March 31, 2026, compared to 15.3% for the same period in 2025.
Previous wording
EFT Processing Segment had operating income of $128.1 million for thethree months ended September 30, 2025, an increase of $10.8 million or 9% compared to the same period in 2024. EFT Processing Segment had operating income of $236.0 million for thenine months ended September 30, 2025, an increase of $17.3 million or 8% compared to the same period in 2024. Operating income as a percentage of revenues (“operating margin”)decreased to 31.3% and 24.1% for thethree and nine months ended September 30, 2025, compared to 31.4% and 24.4% for the same period in 2024. The slight decrease in operating margin was primarily attributable to lower gross margins resulting from expansion into lower-priced markets and increased salary and benefit expenses to support business growth, partially offset by a one-time operating tax benefit recognized in the first quarter of 2025.
Current wording
EFT Processing Segment had operating income of $23.4 million for thethree months ended March 31, 2026, an increase of $0.1 million compared to the same period in 2025. Operating income as a percentage of revenues (“operating margin”)decreased to 7.9% for thethree months ended March 31, 2026, compared to 10.0% for the same period in 2025. The decrease in operating margin was primarily attributable to lower gross margins resulting from expansion into lower-priced markets and increased salary and benefit expenses to support business growth.
Previous wording
The following table presents the results of operations for the three and nine months ended September 30, 2025 and 2024 for our epay Segment:
Current wording
The following table presents the results of operations for the three months ended March 31, 2026 and 2025 for our epay Segment:
Previous wording
epay Segment direct operating costs were $216.3 million for the three months ended September 30, 2025, a decrease of $7.2 million or 3% compared to the same period in 2024. epay Segment direct operating costs were $629.3 million for the nine months ended September 30, 2025, an increase of $12.2 million or 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. The decrease in direct operating costs for the three-months ended September 30, 2025 compared to the same period in 2024 was primarily due to the discontinuation of a mobile activation product in the United States, which had a minimal impact on earnings. The increase in direct operating costs for the nine-months ended September 30, 2025 compared to the same period in 2024 was the result of the increase in business activity. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $7.4 million for thethree months ended September 30, 2025 compared to the same period in 2024. Fluctuations in foreign currency exchange rates decreased direct operating costs by approximately $0.3 million for thenine months ended September 30, 2025 compared to the same period in 2024.
Current wording
epay Segment direct operating costs were $221.5 million for the three months ended March 31, 2026, an increase of $19.4 million or 10% compared to the same period in 2025. 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. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $15.1 million for thethree months ended March 31, 2026 compared to the same period in 2025.
Previous wording
Gross profit was $70.2 million for the three months ended September 30, 2025, an increase of $3.4 million or 5% compared to $66.8 million for the same period in 2024. Gross profit was $204.7 million for the nine months ended September 30, 2025, an increase of $13.5 million or 7% compared to $191.2 million for the same period in 2024. Gross margin increased to 24.5% and 24.5% for thethree and nine months ended September 30, 2025, compared to 23.0% and 23.7% for the same period in 2024. The increase in gross profit and gross margin were primarily a result of a shift in the mix of transactions processed.
Current wording
Gross profit was $72.0 million for the three months ended March 31, 2026, an increase of $6.7 million or 10% compared to $65.3 million for the same period in 2025. Gross margin increased to 24.5% for thethree months ended March 31, 2026, compared to 24.4% for the same period in 2025. The increase in gross profit and gross margin were primarily a result of a shift in the mix of transactions processed.
Previous wording
Selling, general and administrative expenses were $9.7 million for the three months ended September 30, 2025, an increase of $0.1 million or 1% compared to the same period in 2024. Selling, general and administrative expenses were $32.3 million for the nine months ended September 30, 2025, an increase of $3.8 million or 13% compared to the same period in 2024. As a percentage of revenues, these expenses increased to 3.4% and 3.9% for the three and nine months ended September 30, 2025, compared to 3.3% and 3.5% for the same period in 2024. The increase in selling, general and administrative expenses for the nine months was primarily due to the payment of $4.5 million to resolve a non-recurring, multi-year operating tax matter in the first quarter of 2025.
Current wording
Selling, general and administrative expenses were $9.9 million for the three months ended March 31, 2026, a decrease of $2.9 million or 23% compared to the same period in 2025. As a percentage of revenues, these expenses decreased to 3.4% for the three months ended March 31, 2026, compared to 4.8% for the same period in 2025. The decrease in selling, general and administrative expenses was primarily due to the payment of $4.5 million to resolve a non-recurring, multi-year operating tax matter during the same period in 2025.
Previous wording
Depreciation and amortization expenses were $1.5 million for the three months ended September 30, 2025, a decrease of $0.4 million or 21% compared to the same period in 2024. Depreciation and amortization expenses were $4.8 million for the nine months ended September 30, 2025, a decrease of $0.6 million or 11% compared to the same period in 2024. Depreciation and amortization expense primarily represent depreciation of POS terminals we install in retail stores and amortization of acquired intangible assets. As a percentage of revenues, these expenses decreased to 0.5% and 0.6% for thethree and nine months ended September 30, 2025, compared to 0.7% and 0.7% for the same period in 2024.
Current wording
Depreciation and amortization expenses were $1.5 million for the three months ended March 31, 2026, a decrease of $0.1 million or 6% compared to the same period in 2025. Depreciation and amortization expense primarily represent depreciation of POS terminals we install in retail stores and amortization of acquired intangible assets. As a percentage of revenues, these expenses decreased to 0.5% for thethree months ended March 31, 2026, compared to 0.6% for the same period in 2025.
Previous wording
epay Segment operating income was $31.0 million for the three months ended September 30, 2025, an increase of $1.9 million or 7% compared to the same period in 2024. epay Segment operating income was $88.9 million for the nine months ended September 30, 2025, an increase of $7.0 million or 9% compared to the same period in 2024. Operating margin increased to 10.8% and 10.7% for thethree and nine months ended September 30, 2025, compared to 10.0% and 10.1% for the same period in 2024. The increase in operating income and margin was primarily driven by improved gross margins resulting from a favorable shift in transaction mix, partially offset by increased salary and benefit expenses and a non-recurring operating tax payment recognized in the first quarter of 2025.
Current wording
epay Segment operating income was $32.4 million for the three months ended March 31, 2026, an increase of $5.6 million or 21% compared to the same period in 2025. Operating margin increased to 11.0% for thethree months ended March 31, 2026, compared to 10.0% for the same period in 2025. The increase in operating income and margin was primarily driven by improved gross margins resulting from a favorable shift in transaction mix, partially offset by increased salaries.
Previous wording
The following table presents the results of operations for the three and nine months ended September 30, 2025 and 2024 for the Money Transfer Segment:
Current wording
The following table presents the results of operations for the three months ended March 31, 2026 and 2025 for the Money Transfer Segment:
Previous wording
Money Transfer Segment total revenues were $452.4 million for thethree months ended September 30, 2025, an increase of $14.2 million or 3% compared to the same period in 2024. Money Transfer Segment total revenues were $1,328.0 million for thenine months ended September 30, 2025, an increase of $83.4 million or 7% compared to the same period in 2024. The increase in revenues was driven by double-digit growth in cross-border transactions, partially offset by a decrease in intra-U.S. transactions. Direct-to-consumer digital transactions grew by 32%, reflecting strong consumer demand for digital products. Revenues per transaction increased to $9.83 and $9.71 for thethree and nine months ended September 30, 2025, compared to $9.72 and $9.57 for the same period in 2024 mainly due to foreign currency fluctuations. Fluctuations in foreign currency exchange rates increased revenues by approximately $11.9 million and $0.6 million for thethree and nine months ended September 30, 2025 compared to the same periods in 2024.
Current wording
Money Transfer Segment total revenues were $425.2 million for thethree months ended March 31, 2026, an increase of $7.5 million or 2% compared to the same period in 2025. Direct-to-consumer digital transactions grew by 35%, reflecting strong consumer demand for digital products. Revenues per transaction increased to $9.69 for thethree months ended March 31, 2026, compared to $9.37 for the same period in 2025 mainly due to foreign currency fluctuations. Fluctuations in foreign currency exchange rates increased revenues by approximately $22.9 million for thethree months ended March 31, 2026 compared to the same period in 2025. The revenue decreased taking into account the impact of foreign currency fluctuations. The revenue decrease was driven by the impact of immigration reform affecting transfers from the United States to Mexico, as well as reduced volume in the Middle East. Offsetting the decline in transfers to Mexico and the Middle East was growth in all other markets together with accelerated growth in consumer-to-consumer digital transactions and the Money Transfer’s Dandelion product.
Previous wording
Money Transfer Segment direct operating costs were $235.8 million for thethree months ended September 30, 2025, a decrease of $2.6 million or 1% compared to the same period in 2024. Money Transfer Segment direct operating costs were $698.3 million for thenine months ended September 30, 2025, an increase of $18.8 million or 3% 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. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $6.0 million and $0.1 million for thethree and nine months ended September 30, 2025 compared to the same periods in 2024.
Current wording
Money Transfer Segment direct operating costs were $223.0 million for thethree months ended March 31, 2026, a decrease of $1.5 million or 1% compared to the same period in 2025. 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. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $11.3 million for thethree months ended March 31, 2026 compared to the same period in 2025.
Previous wording
Gross profit was $216.6 million for thethree months ended September 30, 2025, an increase of $16.8 million or 8% compared to $199.8 million for the same period in 2024. Gross profit was $629.7 million for thenine months ended September 30, 2025, an increase of $64.6 million or 11% compared to $565.1 million for the same period in 2024. Gross margin increased to 47.9% and 47.4% for thethree and nine months ended September 30, 2025, compared to 45.6% and 45.4% for the same period in 2024. The increase in gross profit and gross margin was primarily due to increases in international-originated money transfers and direct-to-consumer digital transactions.
Current wording
Gross profit was $202.2 million for thethree months ended March 31, 2026, an increase of $9.0 million or 5% compared to $193.2 million for the same period in 2025. Gross margin increased to 47.6% for thethree months ended March 31, 2026, compared to 46.3% for the same period in 2025. The increase in gross profit and gross margin was primarily due to increases in international-originated money transfers and direct-to-consumer digital transactions.
Previous wording
Salaries and benefits expenses were $92.6 million for thethree months ended September 30, 2025, an increase of $7.7 million or 9% compared to the same period in 2024. Salaries and benefits expenses were $268.7 million for thenine months ended September 30, 2025, an increase of $20.4 million or 8% 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 and salary increases due to inflationary pressures. As a percentage of revenues, salary expenses increased to 20.5% and 20.2% for the three and nine months ended September 30, 2025, compared to 19.4% and 20.0% for the same period in 2024.
Current wording
Salaries and benefits expenses were $92.7 million for thethree months ended March 31, 2026, an increase of $4.8 million or 5% compared to the same period in 2025. The increase in salaries and benefits was primarily driven by an increase in headcount to support the growth of the business and salary increases due to inflationary pressures. As a percentage of revenues, salary expenses increased to 21.8% for the three months ended March 31, 2026, compared to 21.0% for the same period in 2025.
Previous wording
Depreciation and amortization expenses were $6.6 million for thethree months ended September 30, 2025, an increase of $0.6 million or 10% compared to the same period in 2024. Depreciation and amortization expenses were $18.7 million for thenine months ended September 30, 2025, a decrease of $1.3 million or 7% compared to the same period in 2024. Depreciation and amortization expenses primarily represents 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 changed to 1.5% and 1.4% for thethree and nine months ended September 30, 2025, compared to 1.4% and 1.6% for the same period in 2024.
Current wording
Depreciation and amortization expenses were $6.4 million for thethree months ended March 31, 2026, an increase of $0.3 million or 5% compared to the same period in 2025. Depreciation and amortization expenses primarily represents 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 were 1.5% for both thethree months ended March 31, 2026 and 2025.
Previous wording
The following table presents the operating expenses for the three and nine months ended September 30, 2025 and 2024 for Corporate Services:
Current wording
The following table presents the operating expenses for the three months ended March 31, 2026 and 2025 for Corporate Services:
Previous wording
Total Corporate operating expenses were $23.4 million and $66.1 million for thethree and nine months ended September 30, 2025, an increase of $1.1 million or 5% and $3.4 million or 5% compared to the same period in 2024. This increase for both the three and nine months was largely driven by an increase in long-term share-based compensation.
Current wording
Total Corporate operating expenses were $25.7 million for thethree months ended March 31, 2026, an increase of $5.7 million or 29% compared to the same period in 2025. This increase was largely driven by an increase in long-term share-based compensation.
Previous wording
Interest income was $6.2 million for thethree months ended September 30, 2025, a decrease of $0.3 million or 5% compared to the same period in 2024. Interest income was $17.7 million for thenine months ended September 30, 2025 a decrease of $0.4 million or 2% compared to the same period in 2024. This decrease for both the three and nine months was driven by a decrease in interest rates.
Current wording
Interest income was $4.1 million for thethree months ended March 31, 2026, a decrease of $1.2 million or 23% compared to the same period in 2025. This decrease was driven by a decrease in interest rates.
Previous wording
Interest expense was $22.5 million for thethree months ended September 30, 2025, a decrease of $1.7 million or 7% compared to the same period in 2024. Interest expense was $70.1 million for thenine months ended September 30, 2025, an increase of $10.9 million or 18% compared to the same period in 2024. This decrease for the three months ended September 30, 2025 compared to the same period in 2024 was largely driven by a decrease in interest rates due to the shift of borrowing from the Credit Facility to the issuance of the new 2030 Convertible Notes during the third quarter of 2025. This increase for the nine months ended September 30, 2025 compared to the same period in 2024 was largely driven by an increase in interest rates on our Credit Facility, and the shift of borrowing from the 2049 Convertible Notes during the first quarter of 2025 to the Credit Facility.
Current wording
Interest expense was $14.1 million for thethree months ended March 31, 2026, a decrease of $5.3 million or 27% compared to the same period in 2025. This decrease for the three months ended March 31, 2026 compared to the same period in 2025 was largely driven by the shift of borrowing from the Credit Facility to the 2030 Convertible Notes during the first quarter of 2026.
Previous wording
We recorded net foreign currency exchange gains of $0.1 million and foreign exchange currency loss of $23.7 million for thethree and nine months ended September 30, 2025, compared to net foreign currency exchange gains of $27.4 million and $16.4 million for the same periods in 2024. These realized and unrealized foreign currency exchange results reflect the fluctuation in the value of the U.S. dollar against the currencies of the countries in which we operated during the respective period.
Current wording
We recorded net foreign currency exchange gains of $8.4 million for thethree months ended March 31, 2026, compared to net foreign currency exchange losses of $18.1 million for the same period in 2025. These realized and unrealized foreign currency exchange results reflect the fluctuation in the value of the U.S. dollar against the currencies of the countries in which we operated during the respective period.
Previous wording
The other gains mainly relate to discrete non-cash investment gains.
Current wording
The other gains and losses mainly relate to a discrete non-cash investment.
Previous wording
The Company's effective income tax rate was 30.6% and 26.8% for the three and nine months ended September 30, 2025, compared to 27.3% and 30.0% for the same period ended September 30, 2024. The Company's effective income tax rate for the three months ended September 30, 2025 was higher than the applicable statutory income tax rate of 21% as a result of certain of its foreign earnings being subject to higher local statutory tax rates. Our effective income tax rate for the three months ended September 30, 2024 was higher than the applicable statutory income tax rate of 21% mainly as a result of certain foreign earnings being subject to higher local statutory tax rates and our U.S. deferred tax activity.
Current wording
The Company's effective income tax rate was 43.7% for the three months ended March 31, 2026, compared to 15.6% for the same period ended March 31, 2025. The Company's effective income tax rate for the three months ended March 31, 2026 was higher than the applicable statutory income tax rate of 21% as a result of certain foreign earnings being subject to higher local statutory tax rates and our U.S. deferred tax activity. The Company’s effective income tax rate for the three months ended March 31, 2025 was lower than the applicable statutory income tax rate of 21%, mainly as a result of our U.S. deferred tax activity on the repurchase of the 2049 Convertible Notes.
Previous wording
As of September 30, 2025, we had working capital of $568.2 million, which is calculated as the difference between total current assets and total current liabilities, compared to working capital of $810.5 million as of December 31, 2024. Our ratio of current assets to current liabilities was 1.15 and 1.25 at September 30, 2025 and December 31, 2024, respectively.
Current wording
As of March 31, 2026, we had working capital of $903.3 million, which is calculated as the difference between total current assets and total current liabilities, compared to working capital of $415.5 million as of December 31, 2025. Our ratio of current assets to current liabilities was 1.28 and 1.11 at March 31, 2026 and December 31, 2025, respectively.
Previous wording
We require substantial working capital to finance operations. The Money Transfer Segment funds the payout of the majority of our consumer-to-consumer money transfer services before receiving the benefit of amounts collected from customers by agents. Working capital needs increase in order to cover weekends and banking holidays. As a result, we may report more or less working capital for the Money Transfer Segment based solely upon the day on which the reporting period ends. The epay Segment produces positive working capital, some of which is restricted in connection with the administration of its customer collection and vendor remittance activities. In our EFT Processing Segment, we obtain a significant portion of the cash required to operate our ATMs through various cash supply arrangements, the amount of which is not recorded on Euronet's Consolidated Balance Sheets. However, in certain countries, we fund the cash required to operate our ATM network from borrowings under our revolving credit facilities, uncommitted credit agreements and cash flows from operations. As of September 30, 2025, we had $848.4 million of our own cash in use or designated for use in our ATM network, which is recorded in ATM cash on Euronet's Consolidated Balance Sheet. ATM cash increased $204.6 million from $643.8 million as of December 31, 2024 to $848.4 million as of September 30, 2025 as a result of the increase in the number of active ATMs as of September 30, 2025 compared to December 31, 2024. The Company has $1,172.5 million of unrestricted cash as of September 30, 2025 compared to $1,278.8 million as of December 31, 2024. Including the $848.4 million of cash in ATMs at September 30, 2025, we have access to $2,690.5 million in available cash, and $1787.5 million available under the Credit Facility.
Current wording
We require substantial working capital to finance operations. The Money Transfer Segment funds the payout of the majority of our consumer-to-consumer money transfer services before receiving the benefit of amounts collected from customers by agents. Working capital needs increase in order to cover weekends and banking holidays. As a result, we may report more or less working capital for the Money Transfer Segment based solely upon the day on which the reporting period ends. The epay Segment produces positive working capital, some of which is restricted in connection with the administration of its customer collection and vendor remittance activities. In our EFT Processing Segment, we obtain a significant portion of the cash required to operate our ATMs through various cash supply arrangements, the amount of which is not recorded on Euronet's Consolidated Balance Sheets. However, in certain countries, we fund the cash required to operate our ATM network from borrowings under our revolving credit facilities, uncommitted credit agreements and cash flows from operations. ATM cash, which is our own cash in use or designated for use in our ATM network, increased $220.9 million from $650.3 million as of December 31, 2025 to $871.2 million as of March 31, 2026 as a result of the increase in the number of active ATMs as of March 31, 2026 compared to December 31, 2025. The Company has $1,229.5 million of unrestricted cash as of March 31, 2026 compared to $1,040.3 million as of December 31, 2025. Including the $871.2 million of cash in ATMs at March 31, 2026, we have access to $2,614.2 million in available cash, and $1,233.1 million available under the Credit Facility.
Previous wording
The following table identifies cash and cash equivalents provided by/(used in) our operating, investing and financing activities for the nine months ended September 30, 2025 and 2024 (in millions):
Current wording
The following table identifies cash and cash equivalents provided by/(used in) our operating, investing and financing activities for the three months ended March 31, 2026 and 2025 (in millions):
Previous wording
Cash flows provided by operating activities were $381.9 million for thenine months ended September 30, 2025 compared to $652.5 million for the same period in 2024. The decline was primarily driven by unfavourable changes in working capital, including a significantly lower cash inflow from trade accounts receivable and higher outflows for prepaid expenses and other current assets. Additionally, non-cash adjustments such as a decrease in deferred income taxes related to U.S. tax activity on the repurchase of 2049 Convertible Notes and higher amortization of debt issuance costs contributed to the reduction. Net income remained relatively consistent year-over-year.
Current wording
Cash flows used in operating activities were $122.0 million for thethree months ended March 31, 2026 compared to provided by operating activities of $1.7 million for the same period in 2025. The decline was primarily driven by unfavourable changes in working capital due to timing. Net income remained relatively consistent year-over-year.
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