Euronet revises 2026 outlook as Cross-Border Payments operating income falls 37%

Euronet Worldwide Inc. (EEFT) said Tuesday that third-quarter revenue rose 1% to $1,161.1 million, while operating income fell 12% and the company revised its 2026 outlook.

The results were reported in a Form 8-K filing with the Securities and Exchange Commission, which attached the company's press release for the quarter ended Sept. 30, 2026.

Here's how the company did:

• Revenue: $1,161.1 million vs. $1,145.7 million a year earlier, up 1%
• Operating income: $171.6 million vs. $195.0 million a year earlier, down 12%
• Net income attributable to Euronet: $113.6 million vs. $122.0 million a year earlier
• Diluted earnings per share: $2.53 vs. $2.75 a year earlier
• Adjusted earnings per share: $3.55 vs. $3.62 a year earlier, down 2%
• Adjusted EBITDA: $226.1 million vs. $244.6 million a year earlier, down 8%

On a constant currency basis, which strips out exchange-rate changes, revenue rose 3%, operating income fell 10% and adjusted EBITDA fell 6%.

Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, share-based compensation and a non-cash accrual adjustment. Adjusted operating income was $169.9 million, down 13% from $195.0 million.

The company attributed the weakness to its Cross-Border Payments segment. “Our third-quarter results reflect the continued impact of U.S. immigration policy and global economic pressures on the Cross Border Payments segment, which has persisted longer than we anticipated,” said Chairman and Chief Executive Officer Michael J. Brown.

Revenue from digital accelerators introduced at the company's Investor Day in May rose 33% in the first nine months of 2026 and made up 26% of year-to-date revenues, the release said.

The company also said it signed a letter of intent to collaborate globally with Diebold Nixdorf to transform ATM networks, and it unveiled OLON, a unified commerce ecosystem to accelerate merchant growth.

Outlook revised

The company now expects about $4.375 billion in revenue for 2026, about $725 million of Adjusted EBITDA and adjusted earnings per share growth of about 10% year-over-year.

The filing says the outlook revises targets set at the Investor Day in May, but it does not restate those earlier figures, so the size of the change is not stated.

The company cited immigration-related pressures within Cross-Border Payments in several corridors, broader global economic pressures and FX conversion rate changes. The outlook does not include further changes in exchange rates, interest rates or other unforeseen factors.

Brown said: “Although these near-term challenges are disappointing, our digital accelerator strategy continues to demonstrate the growth necessary to generate strong cash flow and create long-term shareholder value.”

Segment results

Cross-Border Payments, formerly the Money Transfer segment, had revenue of $431.0 million, down 5% from $452.4 million, or down 4% on a constant currency basis. Operating income fell 37% to $37.3 million from $59.3 million, and adjusted EBITDA fell 34% to $43.6 million from $65.9 million.

The company attributed the decline to continued pressure from U.S. immigration policy and broader global economic uncertainty, partly offset by growth in its digital business. Total transactions were 45.3 million, down 2% from 46.0 million, while digital transactions rose 34% to 8.1 million from 6.1 million.

The segment's operating income and adjusted EBITDA also reflected the flow-through of lower revenue and approximately $6 million of incremental investment in digital initiatives. On a sequential basis, the third-quarter constant currency revenue decline of 4% improved slightly from a 5% decline in the second quarter.

The company said pressure persisted mainly in the U.S. market, and that it believes the market remains fragile in the context of the current geopolitical environment.

Payments Infrastructure, formerly the EFT Processing segment, had revenue of $437.9 million, up 7% from $409.4 million, and adjusted EBITDA of $157.9 million, up 2% from $154.7 million. Operating income was $128.2 million, compared with $128.1 million a year earlier.

Growth came from merchant acquiring, Ren sales and the CoreCard acquisition completed in the fourth quarter of 2025, the company said, while cost inflation weighed on adjusted EBITDA and operating income. The segment had 59,688 installed ATMs as of Sept. 30, up 4% from 57,534.

The epay segment had revenue of $294.7 million, up 3% from $286.5 million, or up 5% on a constant currency basis. Operating income rose 3% to $31.8 million and adjusted EBITDA rose 3% to $33.4 million, driven by digital content, merchant acquiring and promotional campaigns.

Corporate and Other expense was $25.7 million, compared with $23.4 million a year earlier, mainly because of a $1.9 million increase in long-term share-based compensation. The filing does not give headcount figures.

Balance sheet and buybacks

Total cash, including ATM cash, unrestricted cash and cash equivalents and restricted cash, was $1,887.9 million at Sept. 30, down from $2,220.7 million at June 30. Total indebtedness was $2,177.3 million, down $476.7 million from $2,654.0 million at June 30.

The company said the debt reduction reflected the seasonal return of ATM cash after the peak European travel season and cash from operations, partly offset by $50 million of share repurchases. Euronet repurchased about 690,000 shares during the quarter, and availability under its revolving credit facilities was about $1.1 billion. It remains committed to reducing debt to maintain its investment-grade credit rating.