Euronet Worldwide, Inc.

What they do

Euronet operates three segments: Payments Infrastructure (formerly EFT Processing), which runs 56,818 ATMs and roughly 610,000 POS terminals as of December 31, 2025; epay, a retail distribution network of about 749,000 POS terminals across 60+ countries for prepaid and digital content; and Cross-Border Payments (formerly Money Transfer), which moves money across 207 countries through Ria, Xe and Dandelion. The company serves financial institutions, retailers, service providers and consumers from 72 offices worldwide and has operated since 1994.

Revenue drivers

• Cross-Border Payments (Money Transfer) — Largest segment at approximately 42% of 2025 consolidated revenue, built on Ria remittances, Xe currency services, and the Dandelion real-time cross-border payout platform.
• Payments Infrastructure (EFT Processing) — About 30% of 2025 revenue from owned and outsourced ATMs (56,818 units) and POS terminals plus card outsourcing, card issuing and merchant acquiring services.
• epay — About 28% of 2025 revenue, distributing prepaid mobile top-up, branded payments and digital content through roughly 749,000 retail POS terminals in Europe and Asia Pacific.
• Digital accelerators — Initiatives highlighted at the May 2026 Investor Day, including CoreCard, merchant acquiring, payment processing and digital money transfers, generated 26% of second quarter 2026 revenue and grew 31% year over year.

Recent performance

Second quarter 2026 revenue was $1,108.4 million, up 3% from $1,074.3 million (2% constant currency). Operating income fell 14% to $137.1 million and adjusted EBITDA fell 6% to $192.8 million. Net income attributable to Euronet was $77.4 million, or $1.71 diluted EPS, versus $97.6 million and $2.27 a year earlier, while adjusted EPS rose 10% to $2.82. Payments Infrastructure revenue grew 11% to $377.1 million, and installed ATMs rose 1% to 57,814 as of June 30, 2026. Full-year 2025 revenue was $4.24 billion with net income of $309.5 million and diluted EPS of $6.84.

Strategy

Management is emphasizing the digital accelerators introduced at its May 2026 Investor Day, which reached 26% of second quarter revenue, and has renamed EFT Processing as Payments Infrastructure and Money Transfer as Cross-Border Payments to better reflect the products offered. The company acquired 100% of CoreCard Corporation on October 30, 2025, adding issuer processing across credit, prepaid and debit. It repurchased $50 million of stock, about 705,000 shares, in the second quarter of 2026. Recent commercial signings include a CoreCard agreement with Unibanca in Peru, a direct-to-publisher distribution agreement with Capcom in Japan, and six new Dandelion digital partners including Mastercard Move.

Risks

• Regulatory and licensing exposure — Money transfer operations are regulated by U.S. states, the federal government and foreign governments, and failure to maintain licenses or adapt to new rules could materially affect results and cash flow.
• epay gift voucher and licensing rules — The 10-K warns that expanded electronic payment offerings may require new licenses and that changes to gift voucher regulations could reduce revenue from unredeemed vouchers.
• Card network and partner fee changes — New laws or changes from organizations such as Visa and Mastercard that limit pricing or services for transactions on ATMs could substantially affect the business.
• Macro and geopolitical conditions — The 10-Q cites inflation, tariffs, military conflicts in Ukraine and the Middle East, foreign currency fluctuations and conditions in world financial markets as factors that could cause actual results to differ.

Outlook

Management said it remains confident in delivering its full-year adjusted earnings per share growth outlook of 10% to 15%. It described the second quarter as resilient, with steady contributions from Payments Infrastructure and epay, and noted Cross-Border Payments faced pressure from U.S. immigration policy and favorable prior-year dynamics that did not repeat. The company expects digital money transfer and Dandelion to continue performing well.