10-Q · August 4, 2026
Euronet delivered 3% year-over-year revenue growth to $1.1084 billion, with Payments Infrastructure and epay growth offsetting a 4% Cross-Border Payments decline. However, consolidated operating income fell 14% to…
Earnings analysis · 10-Q
EEFT earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Euronet delivered modest revenue growth in the third quarter, led by Payments Infrastructure and epay, but profitability weakened materially as Cross-Border Payments operating income fell 37% to $37.3 million.…
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Euronet delivered modest revenue growth in the third quarter, led by Payments Infrastructure and epay, but profitability weakened materially as Cross-Border Payments operating income fell 37% to $37.3 million. Consolidated operating margin declined to approximately 14.8% from 17.0% and GAAP diluted EPS fell to $2.53 from $2.75. Liquidity and working capital improved, but operating cash flow declined to $252.1 million for the first nine months and the company remains exposed to remittance-policy headwinds, callable uncommitted debt and a potential €18.4 million Italian tax liability.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.53
What stood out
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Revenue grew, but operating margin contracted
Third-quarter revenue increased 1.3% year over year to $1,161.1 million from $1,145.7 million. Gross margin was approximately 43.4%, while operating income declined to $171.6 million from $195.0 million, reducing operating margin to approximately 14.8% from 17.0%.
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Diluted EPS declined 8% year over year
GAAP diluted EPS declined to $2.53 from $2.75, while net income attributable to Euronet fell to $113.6 million from $122.0 million. The filing attributes the earnings decline primarily to a $23.4 million decrease in operating income, partly offset by a $9.4 million reduction in income tax expense.
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Payments Infrastructure and epay remained resilient
Payments Infrastructure revenue rose 7% to $437.9 million and transactions processed increased to 4,682 million from 4,041 million, while operating income was essentially flat at $128.2 million versus $128.1 million. epay revenue increased 3% to $294.7 million and operating income rose 3% to $31.8 million.
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Cross-Border Payments remained the weak spot
Cross-Border Payments revenue fell 5% to $431.0 million and operating income dropped 37% to $37.3 million. Management cited the 1% U.S. remittance tax, changes in U.S. immigration policies, lower-margin transaction mix and competitive pricing pressure; consumer-to-consumer digital transactions nevertheless increased 34%.
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Cash generation weakened but remained positive
Operating cash flow was $252.1 million for the first nine months, down from $381.9 million, primarily because of unfavorable working-capital timing. Capital expenditures were $91.3 million, implying approximately $160.8 million of operating cash flow less capex, or about 36% capex intensity relative to operating cash flow.
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Liquidity and working capital strengthened
Working capital improved to $1,169.6 million from $415.5 million at December 31, 2025, and the current ratio increased to 1.42 from 1.11. Unrestricted cash was $955.4 million, while ATM cash increased $262.4 million to $912.7 million to support the larger ATM estate.
What to watch
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Cross-Border profitability deterioration
Cross-Border Payments operating income decreased $22.0 million, or 37%, to $37.3 million, and operating margin fell to 8.7% from 13.1%. Management identified lower transaction volumes in higher-margin corridors, a less favorable mix, pricing pressure and continued investment in digital and Dandelion operations.
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Callable uncommitted debt exposure
The company had $445.7 million outstanding under uncommitted credit agreements, representing approximately 20% of total debt obligations. The lenders may demand repayment, reduce facility amounts or terminate the facilities without a contractual obligation to continue funding.
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Italian withholding-tax contingency
The company disclosed a reasonably possible Italian agent-based withholding-tax liability of approximately €18.4 million, excluding potential interest and penalties. Management concluded the liability was not probable and therefore recorded no provision.
Management's outlook
The 10-Q provides no quantitative revenue or EPS guidance. Management estimates 2026 capital expenditures of approximately $145 million to $155 million; the previously lowered 2026 revenue and Adjusted EBITDA outlook was disclosed in the October 27, 2026 8-K rather than this filing.
Earlier filings 4
10-Q · May 7, 2026
Euronet Worldwide reported a strong Q1 2026, with significant revenue growth of approximately 10.1% year-over-year, reaching $1.014 billion, and an EPS of $1.58, surpassing analyst expectations. The company exhibited a…
10-K · February 26, 2026
Euronet’s 2025 10-K emphasizes rapid volume growth in its payments networks (EFT transactions rose to 15,534 million in 2025) and a strategic tilt toward real‑time and issuer-processing capabilities via the Oct 30, 2025…
10-Q · November 4, 2025
Euronet reported Q3 2025 revenue of $1,145.7 million, up $46.4 million versus Q3 2024, with operating income of $195.0 million (operating margin ~17.0%). Diluted EPS declined to $2.75 in Q3 2025 from $3.21 in Q3 2024.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.