Executive Summary

Adjusted EPS of $3.62 grew 19% YoY and ~41% QoQ, modestly beating S&P Global consensus ($3.62 vs $3.61)*, while revenue of $1,145.7M rose 4% YoY but missed consensus ($1,198.1M) amid macro and immigration-policy headwinds in Money Transfer and more selective travel/consumer spending impacting EFT/ATMs. Consolidated operating margin expanded ~40 bps YoY to ~17.0%.
Segment mix: EFT led with 10% revenue growth and 9% OI growth; Money Transfer revenue grew 3% but OI rose just 2% on corridor softness; epay revenue declined 1% (constant-currency -5%) due to a discontinued U.S. mobile activation product, with limited earnings impact as OI rose 7%.
Guidance maintained: management reaffirmed FY2025 adjusted EPS growth of 12%–16% YoY; Q4 expected to show a turnaround from Q3’s softer revenue trends.
Strategic catalysts: new Dandelion partnerships (Citigroup; CBA), Fireblocks tie-up to enable stablecoin on/off-ramps and first stablecoin-enabled use cases slated for 1Q26; continued CoreCard acquisition progress; robust merchant acquiring growth in Greece. These themes should frame near-term stock reaction and medium-term re-rating potential as digital initiatives scale.

What Went Well and What Went Wrong

What Went Well
- EFT delivered another solid quarter (rev +10%, OI +9% YoY), aided by developing market expansion and merchant acquiring; Greece merchant services posted its strongest quarter since acquisition (OI +33% YoY).
- Adjusted EPS growth +19% YoY to a record third quarter level ($3.62), with consolidated operating margin up ~40 bps YoY, reflecting expense discipline and mix.
- Strategic momentum: signed Dandelion with Citigroup and CBA to expand real-time cross-border reach; Fireblocks partnership to integrate stablecoin on/off-ramps and treasury settlement; CoreCard acquisition on track. “We’re enhancing Euronet’s global money network with stablecoin innovation…connecting blockchain digital assets to real-world payments liquidity in over 200 countries.” — CEO Mike Brown.
What Went Wrong
- Revenue growth below plan: macro uncertainty and immigration policy changes pressured Money Transfer volumes; U.S.-to-Mexico remittances were flat for EEFT vs an estimated 12% market decline, but still weighed on growth.
- epay revenue declined 1% (constant-currency -5%) due to discontinuation of a U.S. mobile activation product; limited earnings impact but dampened reported revenue.
- ATM spend sensitivity: European travelers remained selective; softer discretionary cash withdrawal patterns pressured ATM throughput despite steady travel volume, contributing to the topline miss.

Financial Results

Consolidated results and estimate comparison

Metric	Q3 2024	Q2 2025	Q3 2025	Consensus (Q3 2025)	YoY	QoQ	vs Cons
Revenue ($USD Millions)	1,099.3	1,074.3	1,145.7	1,198.1*	+4.2%	+6.7%	-4.4%
Operating Income ($M)	182.2	158.6	195.0	—	+7.0%	+22.9%	—
Adjusted EBITDA ($M)	225.7	206.2	244.6	—	+8.4%	+18.6%	—
GAAP Diluted EPS ($)	3.21	2.27	2.75	—	-14.3%	+21.1%	—
Adjusted EPS ($)	3.03	2.56	3.62	3.61*	+19.5%	+41.4%	+$0.01

Notes: Operating margin = Operating Income / Revenue: Q3’24 ~16.6% (182.2/1,099.3), Q2’25 ~14.8% (158.6/1,074.3), Q3’25 ~17.0% (195.0/1,145.7) . Management highlighted ~40 bps YoY expansion in Q3’25.
Asterisked consensus values are from S&P Global. Values retrieved from S&P Global.

Segment performance (Revenue and Operating Income)

Segment	Q3 2024 Revenue ($M)	Q2 2025 Revenue ($M)	Q3 2025 Revenue ($M)	Q3 2024 OI ($M)	Q2 2025 OI ($M)	Q3 2025 OI ($M)
EFT Processing	373.0	338.5	409.4	117.3	84.6	128.1
epay	290.3	280.1	286.5	29.1	31.1	31.0
Money Transfer	438.2	457.9	452.4	58.1	65.6	59.3

Key performance indicators (period-end or quarterly activity)

KPI	Q1 2025	Q2 2025	Q3 2025
Installed ATMs	55,512	57,326	57,534
Active ATMs	51,875	56,760	56,431
epay POS Terminals	735,000	721,000	712,000
epay Retailer Locations	358,000	354,000	346,000
Money Transfer Network Locations	624,000	631,000	638,000
Money Transfer Total Transactions (M)	44.6	46.1	46.0
Money Transfer Digital Transactions (M)	—	5.8	6.05

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted EPS Growth (YoY)	FY 2025	+12% to +16% (as of Q2)	+12% to +16% (as of Q3)	Maintained

Management commentary: “We are well positioned to deliver earnings in line with our previously provided adjusted EPS growth range of 12% to 16% year-over-year.”
Q4 set-up: bottom-up forecast indicates a turnaround from Q3’s revenue softness; October trends running ahead of internal forecast.

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 & Q2 2025)	Current Period (Q3 2025)	Trend
Macro/Immigration impact on remittances	Money Transfer grew double digits in Q1; Q2 also strong with expansion and Kyodai acquisition; limited tariff impact noted in Q1.	Immigration policies and macro uncertainty pressured volumes; U.S.–Mexico flat for EEFT vs market down ~12%; corridor softness in ME/Asia into Bangladesh/Pakistan/Turkey.	Negative near term; management views headwinds as transitory.
European travel/ATM dynamics	EFT growth on expansion; added interchange/access fees; strong summer set-up.	Travel steady but spend more selective; ATM cash withdrawals pressured; merchant acquiring strong.	Mixed: throughput sensitivity offsets steady travel; acquiring strength continues.
Digital initiatives (Dandelion)	Q2 expansion; Google partnership; network scaled to 4.1B accounts/631K locations.	Citigroup and CBA agreements extend real-time reach and wallet payouts; continued launches (e.g., Union Bank PH).	Positive acceleration; pipeline robust.
Stablecoin/Blockchain	—	Fireblocks partnership; first stablecoin-enabled use cases (treasury settlement, cross-border, cash-out) targeted for 1Q26.	Emerging catalyst into 2026.
CoreCard acquisition (credit issuing)	Announced in Q2; scalable platform; margin ~50% cited.	Progressing toward shareholder vote; positions for full issuing/acquiring/credit stack with Ren.	Strategic expansion; cross-sell opportunity.
Capital allocation	Q1/Q2 active buybacks; reduced converts.	$1B 0.625% 2030 converts issued to repay revolver; ~$130M buybacks in Q3; last 4 years ~85% of earnings returned via buybacks.	Balanced M&A vs buybacks; financial flexibility improved.

Management Commentary

CEO Michael Brown (press release): “While we anticipated more robust revenues in the quarter, we’ve seen stronger economic and immigration pressure across the globe…with 19% third quarter adjusted earnings per share growth…we are well positioned to deliver earnings in line with our previously provided adjusted EPS growth range of 12% to16% year-over-year.”
CEO (call): “We’re enhancing Euronet’s global money network with stablecoin innovation…Our on- and off-ramp capabilities will make stablecoins practical…We plan to launch our first set of stablecoin-enabled use cases in the first quarter of 2026.”
CFO Rick Weller: “We delivered…adjusted earnings per share of $3.62…consolidated operating margins expanded by approximately 40 basis points over the prior year quarter.”
CFO (capital allocation): “We completed a $1 billion convertible bond offering at…0.625%, maturing in 2030…we repurchased approximately $130 million of our shares [in Q3]…approximately 85% of our annual earnings over the past four years [returned] through share repurchases.”

Non-GAAP adjustments and their impact

Adjusted EPS excludes effects of FX gains/losses, share-based compensation, intangible amortization, non-cash investment items, non-cash tax expense, impairment, and dilutive shares related to convertibles; Q3 adjusted EPS $3.62 vs GAAP diluted $2.75.

Q&A Highlights

EFT softness: Spend selectivity more visible in ATMs; acquiring grew strongly (Greece OI +33% YoY). “People are just basically spending less. We see that at the ATMs.”
Money Transfer pricing: Largely consistent YoY; some pressure in Middle East due to currency/black market dynamics; net impact not meaningful in Q3.
Digital penetration: DTC digital transactions +32% YoY; now ~16% of MT transactions. Goal to reach ~30–35% over time while maintaining omnichannel as many customers prefer OTC.
October trends/Q4: October run-rate stronger than September and ahead of forecast; management cautiously optimistic for Q4 improvement.
ATMs by geography: Growth more weighted to non-Europe with higher profit per ATM; possible culling of low-profit European ATMs offset by infrastructure roles (e.g., Spain).
Capital allocation and CoreCard: Maintain investment-grade posture; balanced M&A and buybacks; ~2.3M shares to be issued for CoreCard.

Estimates Context

Q3 2025 results vs S&P Global consensus: Adjusted EPS $3.62 vs $3.61 consensus (beat by ~$0.01); Revenue $1,145.7M vs $1,198.1M consensus (miss by ~$52.4M, ~4.4%). Primary EPS estimates based on 9 estimates; revenue based on 8 estimates. Values retrieved from S&P Global.
Implications: Expect estimate revisions focused on revenue trajectory and Money Transfer volumes, partly offset by stronger margin and buyback support to EPS.

Key Takeaways for Investors

Mix and margin resilience: Despite a revenue miss, consolidated operating margin expanded and adjusted EPS grew 19% YoY, supported by cost control, mix, and buybacks. This cushions EPS even in softer macro phases.
Money Transfer headwinds appear cyclical/policy-driven: Immigration policy and macro softness pressured volumes and certain corridors, but digital grew 32% and U.S.–Mexico outperformed the market (flat vs market down ~12%). Watch for Q4 continuation of October strength.
Digital rails scaling: Dandelion partnerships with Citigroup and CBA expand real-time reach; Union Bank launch adds traction; these can accelerate non-cash growth and diversify corridors.
Stablecoin optionality: Fireblocks partnership and 1Q26 pilot timeline add a credible path to faster settlements and broader on/off-ramp monetization—an emerging multi-year catalyst.
CoreCard + Ren: A differentiated full-stack issuing/acquiring/credit offering expands TAM and margin potential; cross-sell synergy into EEFT’s global client base.
Capital flexibility: $1B 0.625% converts extend duration, repay revolver; ongoing buybacks (Q3 ~$130M) support EPS and can offset dilution from converts/CoreCard issuance.
Near-term trading setup: Narrative likely hinges on Q4 revenue inflection and Money Transfer trends; any incremental Dandelion/stablecoin/merchant acquiring wins or CoreCard close could act as positive catalysts.

Additional Context and Sources

Q3 2025 press release (8-K Exhibit 99.1): consolidated and segment results, guidance reaffirmation, balance sheet.
Q3 2025 earnings call transcript: margin commentary, macro/immigration impacts, Dandelion/Fireblocks updates, capital allocation.
Prior quarters for trend analysis:
- Q2 2025 press release: revenue $1,074.3M; OI $158.6M; Adj. EBITDA $206.2M; Adj. EPS $2.56; segment detail.
- Q1 2025 press release: revenue $915.5M; OI $75.2M; Adj. EBITDA $118.7M; Adj. EPS $1.13; segment detail.
Q3 ancillary press releases: Heritage Grocers partnership (Hispanic retail footprint), Dandelion–Commonwealth Bank (CBA).

Asterisked consensus numbers are from S&P Global. Values retrieved from S&P Global.

EURONET WORLDWIDE, INC. (EEFT)·Q3 2025 Earnings Summary